Rifa Salutary, the Australian arm of China’s global manufacturing and investment giant Zhejiang Rifa Holding Group, has announced its highest profit since its inception in 2014.
The company reported a net profit of $7.23 million for the 2017 financial year up from $4.64 million in the previous corresponding period. Underlying profit hit $16.32 million, up from $7.43 million in the prior year.
Rifa Salutary chief executive David Goodfellow said ‘‘It’s a very pleasing result for us, particularly given we absorbed significant costs of stamp duty and [Foreign Investment Review Board] fees as we acquired 11 new properties during the year,’’ he said.
During the financial year Rifa Salutary purchased four adjoining properties near Nundle in NSW – Middlebrook Park, Apple Tree, Kooroon and Keeva for $60 million.
The group also purchased four adjoining properties near Warialda in NSW – Highland Plains, Stonefield, Avondale and Durkin’s for $15 million and snapped up two properties in the lower Mallee of Victoria – Kulwin Park and McNicholl’s for $9 million. Most of t...
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