Raptis Group suspended from ASX after failing to lodge audited full-year results

The listed Raptis Group – not to be confused with the development company of the same name – has been suspended from the ASX after an embarrassing blunder.

• Raptis Group posts $57,700 profit for 2019 financial year
• Jim Raptis to relaunch his Raptis Group on the stock exchange

THE listed Raptis Group – not to be confused with the development company of the same name – has been suspended from the ASX after an embarrassing blunder.

On Thursday the ASX announced it had suspended the company – headed up by veteran Gold Coast developer Jim Raptis – from the market platform after it failed to lodge its audited full-year accounts by September 30.

The company’s preliminary final report was published on September 1 and showed a profit of $53,111 for FY20 – down 8 per cent on the previous period.

Raptis on Thursday said the error in lodging its accounts was due to it being under the impression it had until October 31.

Jim Raptis.

“The ASX have (sic) informed the company that a temporary suspension of trading is appropriate in the circumstances, and will be lifted when the report is lodged,” it said.

Raptis said it will lodge the audited accounts by the end of October.

It also updated the market that the contract for the sale of the management rights for Waterpoint Residences has settled for $7.945 million.

Raptis said this will be recognised in the half-year report for FY21 with an expected profit of $400,000.

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