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Australia's CVC reports $2.2M full year net profit
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Australia's CVC reports $2.2M full year net profit

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  • CVC reported a net profit after tax of $2.2 million for the full year ended June 30.
  • Total income surged 380.1% to $212.2 million while its cash position rose to $87.7 million.
  • The company focused on expanding debt facilities, selling assets, and maintaining capital reserves to meet future project commitments.

CVC (ASX:CVC) recorded a net profit after tax to shareholders of $2.2 million for the year ended June 30, driven by asset sales and project realisations.

The result represents a significant gain from the prior financial year when the business recorded a net profit after tax of $0.5 million.

The board stated that being cautious to ensure sufficient capital is available to meet future obligations is paramount to optimising the value of held investments.

During the financial year, the company generated a net cash inflow of $43 million from the sale of its Laverton site and $9.6 million from Clyde North project lot settlements.

Following the announcement, the CVC share price was unchanged at $1.51.

The group continued to utilise both corporate and project debt structures to release liquidity for its property portfolio expansion.

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