Sunland: Interim result 2013

Our thesis for buying this Queensland-based property developer is progressing nicely, Jason Prowd unpacks the latest result.

Sunland’s development revenue rose 30% to $77.4m in the half-year ended 31 December and net profit increased from practically zero to $8.4m (although the latter was boosted by a $6.2m tax benefit related to the recent sale of the Palazzo Versace Hotel).

From earnings per share of 4.4 cents, a special 2.0 cent dividend was declared (fully franked, ex date 4 March) to return a small portion of the proceeds from the recent $68.5m sale of the Palazzo Versace Hotel.



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