RAPTIS POSTS FIRST PROFIT IN ALMOST A DECADE

GOLD Coast developer Raptis Group (ASX) has scratched out its first annual profit in almost a decade after resuming development activities this year.

The company, which formerly spent eight years in the corporate wilderness under a deed of company arrangement with creditors, has posted a net profit of $55,146.

The lean result is a reflection of the preliminary development activity currently under way by the company, with the company recording full-year revenue of $75,461.

About $21,000 of that is attributed to interest income and the remainder to operating income.

Raptis Group, which resumed trading on the Australian Securities exchange in December last year, is currently undertaking a 57-lot townhouse development at Springwood after settling the site purchase in March.

"The success of the marketing campaign to date indicates strong market acceptance of the development offering," says company chairman Jim Raptis in a statement to the ASX.  

"Development approval has been achieved and the building approval operational works has been issued by the local authority."

Raptis says construction is due for completion in March or April next year, with settlements understood to start being recorded in the current financial year. 

The latest profit result gives Raptis Group earnings of 0.04c per share and its net assets at the end of June 30 this year stood at 1.07c per share.

The company has total liabilities $4.147 million including borrowings of $3.7 million. Total assets at the end of the period are listed as $5.7 million.

The company was able to resume trading following a $1.5 million capital injection by entities associated with Jim Raptis.

The chairman has also advanced $202,000 in unsecured funds to the company interest free, with that sum expected to be repaid before the end of this financial year from the proceeds of settlements of townhouses.

Raptis Group's last full-year financial report was issued in 2008, just months ahead of the company being placed into administration following problems with the final stage of the triple-tower Southport central project.

The company reported a net loss of $15.98 million in FY08. The last time it was in the black was in FY07 when it reported a $12.98 million profit.

Raptis Group shares, which are lightly traded, last closed at 5c each.