IPA 0.00% 4.5¢ indigo properties australia limited

no interim divi for ipa

  1. 1,833 Posts.
    ASX/MEDIA RELEASE 29 February 2008
    Indigo Pacific lifts profit 56%, sees strong full year outlook
    Property development financier Indigo Pacific Capital Limited announced today net profit after tax
    of $3.4 million for the half year to December 31, a rise of 56 per cent compared with a year
    earlier, on revenue of $5.5 million.
    Managing Director Steve Mackay said the profit result, which exceeded the earnings guidance
    provided in December 2007 of $3.3 million, showed the benefit of the company’s new investment
    strategy.
    “Indigo Pacific has delivered on its promise of securing strong returns with improved certainty for
    investors,” he said.
    “Under the new policy implemented on December 1, our loan of $46.6 million to the Indigo Group
    is secured by the full range of our partner’s property development projects, giving greater
    confidence in future earnings and reducing risk by not being exposed to individual project
    performance.”
    Mr Mackay said the company was well positioned for further growth, despite current equity
    market volatility.
    “Indigo Pacific has zero debt, and zero exposure to the US sub-prime mortgage market,” he said.
    “In these uncertain times, shareholders can be reassured that our funds are fully invested and we
    continue to benefit from funding a diverse range of property projects across a range of sectors.”
    Current Indigo Group projects funded by Indigo Pacific include Oceans Edge, a resort community
    at Palm Cove in north Queensland; Elevation, a 42-hectare residential development at Lennox
    Head, New South Wales; the Logan Mixed Industry and Business Area industrial land
    subdivision; a 57 apartment residential development at Palm Beach on the Gold Coast; and 620
    Bourke Street, a commercial office building in the Melbourne CBD.
    The company has forecast a fully franked dividend of seven cents per share for the 2008 financial
    year, which it expects to pay in September, Mr Mackay said.
    “Indigo Pacific continues to perform well, offering investors a high dividend yield and has an
    excellent funding pipeline,” he said.

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    So it looks like if you want some interim dividends you'd better switch to CIY or CPK. It is kinda strange that CPK is trading below the sp of IPA in spite of lifting profit by 600%+ and having a 3c pf divi payable in May. Too many panic-merchants selling maybe?
 
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