Notably, the property’s carrying value was $60.7 million meaning that Ariadne’s 50% share of the uplift, net of completion costs, is estimated to be $14.8 million.
This positive contribution to the company’s financials has been included in its anticipated FY18 result.
Anticipated FY18 net profit $17.6 to $19.6 million
Ariadne estimates that its net profit before tax for the year to 30 June 2018, including the above transaction, will be in the range of $17.6 million to $19.6 million.
This compares to the $76.9 million profit reported for the previous year, which included a $67.1 million gain on the sale of Secure Parking.
Investments, car parks, property
Ariadne is an ASX-listed investment company with operations in Australia and New Zealand.
The company applies a diversified investment strategy with resources engaged in the areas of:
• Investment management and financial services;
• Car park infrastructure operation and management;
• Property; and
• Maritime infrastructure ownership and operation.
The company’s balance sheet at 31 December 2017 illustrates its major assets.