Real estate company Finbar Group (ASX:FRI)
has reached practical completion on its Vue Tower project in Perth.
Now that practical completion has been achieved and titles have been issued, settlement for $98.6 million in terms of units sold to date will commence mid-June 2019 and the company expects some payments to be made in the month of July.
Finbar Group also confirmed that construction of the first stage of the Palmyra Apartments Estate project is expected to occur in July 2019.
This means that the corresponding profits for those settlements will now fall into the 2020 financial year.
As a result Finbar Group has reduced its guidance to approximately $12 million after tax for the FY19 financial year.
Shares in Finbar Group (ASX:FRI)
closed 0.6 per cent lower at $0.835 yesterday.