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15.03.2002 Half Year Report |
The Company has released its Half Year Report for the period ended 31st December 2001 to the NZSE. Reports will be mailed to shareholders shortly, and the report will also be available to be downloaded from the financial information section of this website.
The Directors' Comments from the report were as follows:
"During the half year, the group progressed the sales campaign and prepared for the first construction stage of The Escarpments development at Katoomba, in the Blue Mountains west of Sydney.
Pre-sales of residential dwellings now stand at nine with a gross sales value of $4,997,967 (AUD$4,071,000). Settlemetn fo the golf clubhouse purchase for $859,390 (AUD$700,000) took place on 14th February 2002. Construction works on the clubhouse and first residential stage are planned to commence upon a further 2 pre-sales being secured. These are anticipated in coming weeks.
The half year saw the Australian economy perform strongly as did the Sydney property market, and both are expected to remain buoyant over the current calendar year. In addition, whilst interst rates have bottomed, they should remain low over the next 12 months, and these factors will assist with the sales in our first residential stage.
The company completed a 1 for 10 cumulative convertible redeemable prference share issue in December 2001 which raised $412,892 and on 23rd November 2001 the company's name changed to Australasian Property Holdings Group Limited, allowing the company to register as a foreign entity under the Australian Corporations Law on 1st February 2002."
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