PBD pbd developments limited

has anyone noticed there is zero revenue in HY 2014 for PBD?...

  1. 8 Posts.
    has anyone noticed there is zero revenue in HY 2014 for PBD?
    Source: PBD HY14 Results Presentation
    For the period ended 31 December 2013
    28 February 2014

    The presentation didn't incl accounting policy but as per 2013 Annual report, for land development and apartment sales, PBD recognise revenue 'when the risks and rewards of ownership have passed to the buyer and the costs incurred or tobe incurred can be measured reliably. Risks and rewards of ownership are considered passed to buyer when a sales contract settles.'

    Just want to clarify, for off-the-plan apartment (most of its eastern coastal development), "when a sales contract settles" does this mean after the building completion and final settlement, or only the initial exchange of contract?

    assuming the former, PBD may well have nil revenue through out FY 14...unless they manage to sell Oceanique apartment which is completed. Yang land seems to be released but not sold yet, development in Burwood NSW has all been sold but construction not started yet (scheduled end of 2013, so it's a delay) therefore not able to record it as revenue.
 
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