One of only two major rental village operators (along with Ingenia), Chairman Murray Boyte has told their AGM that it is “fair to say” it has been a difficult year.
“While the company experienced considerable growth in prior years, the performance in the year under review was adversely affected by property revaluations, write offs and non-performing assets which affected cash flow and earnings. Non-core and underperforming assets reached circa $25 million during the period.”
This resulted in the $276,000 net loss, he said.
There was some good news for the group. After being without a Chief Executive Officer since May, Mr Boyte says they expect to announce a new CEO in December.
Eureka has also recommenced its rental village acquisition program, with occupancy at 93%, up 10% from a disastrous 18 months ago.
In total, the operator has grown to 32 owned villages and nine villages under management representing 2,182 units.