Raptis Group posts $57,700 profit for 2019 financial year after not completing any developments

The listed developer behind projects including the Hilton, Chevron Renaissance and Southport Central has reported a $57,713 net profit for a full year’s work.

Raptis Group has developed numerous highrises over more than 30 years. Photo: iStock

THE listed developer behind projects including the Hilton, Chevron Renaissance and Southport Central has reported a $57,713 net profit for the full financial year.

Raptis Group, whose shareholders are largely made up of creditors of related companies which went into administration in 2008, did not develop any projects during FY2019, saying the profit reflected its “advisory activities”.

According to its unaudited statements, revenue for the group decreased by 99 per cent, profit decreased by 89 per cent and earnings per share slid from 0.35c last year to 0.038c.

A tourist passes a former Raptis project, the Gold Coast Hilton, which was put into receivership.

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Last financial year, the group posted a $529,200 net profit after selling $25 million worth of units at Springwood.

Companies linked to Raptis Group chairman Jim Raptis continue to develop high-rise projects across the Gold Coast, including the multi-tower Waterpoint Residences near Harbour Town and the Panorama Residences at Carrara, which have combined value topping $47 million.

The developer has maintained these projects are unrelated to the listed entity, despite them using its logo in advertising and marketing collateral.

Jim Raptis

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Raptis Group, which had a share price of 40c and issued capital of $29.8 million when it relisted on the ASX after an eight-year hiatus in 2015, was today trading at 4.7c with market capitalisation of $2.98 million.

It first listed on the ASX in 1986 but has twice been delisted, in 1991 owing investors $65 million and most recently in 2008 owing creditors $1 billion.