Recently-listed residential real estate company McGrath has posted a sharp fall in first half net profit, primarily because of costs related to its initial public offering.
Net profit fell sharply to $367,000 in the first-half ended December 31, from $2.05 million.
Still, its underlying after-tax profit rose 13 per cent to $8.5 million.
Revenue rose 33 per cent to $54.3 million for the six months to December 31 as the company continued to growth market share and expanded its operations.
The company, which made its debut on the Australian Stock Exchange in December after raising $130 million, said it's on track to meet its fiscal 2016 prospectus forecasts.
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