Finbar Group Limited
(ASX:FRI) has affirmed it expects a strong annual financial performance after announcing the sale of apartment projects.
The West Australian property developer says it has sold all 324 lots in its Au apartments in East Perth and St Marks apartments in Highgate.
The Au apartments are a $108 million project while the St Marks apartments are a $67 million project which have both been sold out ahead of construction completion.
With the sales now secured Managing Director Daren Pateman believes Finbar will see increasing profitability beyond the record result expected in the current financial year.
Finbar Group posted a net profit of $14 million in the first half of the 2013 financial year.
