Abacus Property Group (ASX:ABP) has marked a profit turnaround, recovering from a loss in 2009 to post a full year profit of $25.4 million for the 12 months to 30 June.
The property group says underlying profit fell 9.8 per cent to $64.9 million.
Abacus has also announced that it has arranged new debt facilities totalling $536 million that will cover its existing, working capital and Metcash Ltd (ASX:MTS) portfolio facilities.
In the year to 30 June Abacus advised that it raised over $106 million from new and existing security holders and sold $64 million of mature assets.
On Monday Abacus said it had sold a property in the Sydney CBD for $78 million and would use the funds to support more acquisitions.
The $25.4 million net profit recorded for fiscal 2010, marks a turnaround from a loss of $102.4 million Abacus Property Group reported in fiscal 2009.
ABP Price at posting:
$2.05 Sentiment: None Disclosure: Held
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