WRF wraps up year with profit
Kathryn O'Meara
September 02, 2004

Growth in the property funds business and the conversion of the company’s business to a funds management model has produced results for WRF Securities.

WRF Securities has declared a net profit of $1.908 million for the year ending June 30, 2004, compared to a loss of $3.347 million recorded in previous corresponding period.

WRF has declared a final dividend of 2 cents per share for the period, subject to the receipt of the proceeds from the settlement of the sale of the land on Kangaroo Island.

The proceeds won't be realised in the June 30, 2004 financial statement and will be recognised in the subsequent financial reports.

Basic earnings per share and diluted earnings per share for the period was 4.96 cents per share compared to a loss of 8.7 cents per share recorded in the previous year.

Revenue from period also increased to $9.730 million compared to a loss of $5.463 million reported last year.

Net tangible backing per security for the period increased to 31.87 cents compared to 29.83 cents last year.

The past year saw the company dispose of non-core assets, generating proceeds of $4.396 million.

The company also withdrew from its retirement village project following the sale of its Scarborough Queensland property asset, realising a profit before tax of $1.045 million.

WRF’s fund under management has grown during the year from $110 million to over $200 million.