Finbar Group Limited (ASX:FRI) expects to beat last year’s record annual net profit on the back of a boost in revenue from completing its first Pilbara apartment project.
The West Australian property developer has forecast a first half net profit of $14 million, putting it on track to post an improved annual profit in the full 2013 financial year.
Finbar says the largest contributor to first half revenue was the completion of 85 settlements at its Pelago West project in the Pilbara region of Karratha.
The company says settlements at its Lime and Adagio projects in East Perth are expected to have a substantial impact on second half revenue.
Finbar Group posted a net profit of $25.8 million in the 2012 financial year.
