Finbar profit takes a hit

Company News

Finbar Group Limited (ASX:FRI) has delivered a net profit of $6.3 million for H1 FY16, down 42 percent from the previous corresponding six months. 
 
Finbar said a soft commercial leasing market resulted in a $4.4 million after tax impairment of the Fairlanes commercial office building in East Perth.
 
The company does not anticipate any further impairments of commercial property values in the second half.
 
The apartments developer announced it holds a book of total pre-sales of $465 million for future projects on a $2.12 billion development pipeline.
 
Finbar Group will pay an interim dividend of 3 cents fully franked. 

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