Finbar expects $5.1m net profit FY17 and boosts Perth project

Company News

by Mary Saliba

Finbar Group (ASX:FRI) is expecting to report a $5.1 million net profit for FY17, marking 21 years of consecutive profits.

The apartment developer says it should finish the financial year with $67 million in cash and $138 million in completed stock.

It comes as the company also submitted a town planning scheme with the City of South Perth that will complement the city’s $7.5 million dollar revitalisation project.

The amendment intends to maximise South Perth's full potential by taking advantage of its prime location, street frontages, heritage buildings, and the city's vision to build and an iconic central landmark.

The company also expects to declare a 3 cent dividend.

Shares in Finbar Group (ASX:FRI) last traded 0.6 per cent lower to $0.83 on Friday.