Kogan profits rise to $ 3.7m
ONLINE consumer goods retailer Kogan. com’s rapid expansion of its product range has helped drive its annual profit sharply higher.
Kogan, which sells consumer electronics, general merchandise, food and travel deals, booked a net profit of $ 3.7 million for the year to June 30 which is more than quadruple of a year ago.
The group, which listed on the share market a year ago with the goal of using proceeds to expand its product range, enjoyed a 37.1 per cent jump in revenue to $ 289.5 million.
Kogan’s revenue was up 20 per cent and its $ 13.2 million in underlying pro forma earnings adjusted for one- off costs linked to the initial public offering, was more than triple the prior year’s result. HOME builder AVJennings has shrugged off a drop in full- year profits, saying it has a strong pipeline of projects that will start to boost revenue and earnings within two years.
AV Jennings managing director Peter Summers expects more contracts for new homes to be signed in 2017- 18 but said new projects would take longer to recognise a profit on. For the current financial year, the company expects to secure contract signings for 1900 to 2100 lots – up from 1843 lots in 2016- 17.
Demand for land, houses and apartments remains strong, especially in Sydney, Brisbane, Melbourne and Auckland.
AVJennings’ net profit for the year to June 30 dropped 12.7 per cent to $ 35.7 million but the company says it has strong momentum.