Ingenia Communities Group (ASX:INA) report record earnings

Company News

by Rachael Jones

Ingenia Communities Group (ASX:INA) today announced underlying profit of $59.1 million for the year ending 30 June 2020, an increase of 25 per cent on the previous financial year.

Statutory Profit of $31.5 million is up 7 per cent on the prior year.

Group revenue was up 7 pre cent to $244.2 million and EBIT was up 17 pre cent to $71.9 million.

These results were driven by an increase in rental sites through development and acquisition, higher average new home sales price and development margin and cost management across the Group, offset by temporary holiday park closures and reduced settlements due to COVID-19.

Shares in Ingenia Communities Group (ASX:INA) are trading 1.71 per cent higher at $4.75.