Sunland Group Ltd has reconfirmed its profit guidance, promising shareholders it would start paying dividends after they approved a third tranche of the property group's share buy-back program.
Managing director Sahba Abedian reassured shareholders meeting at Sunland's plush Palazzo Versace hotel on Queensland's Gold Coast that net profit in 2010-11 would be $20 million, despite increasingly challenging market conditions faced by its Dubai operations.
Strong pre-sales worth more than $216 million for six new projects to be released this year would underpin cash flow and ensure sufficient reserves for acquisitions and Sunland's third tranche of its share buy-back, he said.
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