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EUMUNDI Group is anticipating a significant reversal of fortune, with an expected profits before tax in the range of $5.1 million to $5.3 million for FY21, after an uplift in trading conditions following forced COVID closures.

The Queensland hotel and investment property company, posted a loss before tax of $1.4 million for FY20.

The results follow the reopening of the group’s operations in July of 2020, after a three-month long forced closure.

Additionally, the group attributes the results to its recently completed major capital works programme.

The guidance includes revaluations of investment properties, the Aspley Arcade Shopping Village and The Plough Inn, which is expected to equal fair value gains of around $2.3 million before tax, based on independent valuations.

Additionally, fair value adjustments of land and buildings, including the Aspley Shopping Centre and Ashmore Tavern, of around $5.8 million before tax will be recorded, also based on independent valuations.

Independent valuations were due to be carried out on 30 June.

Net profit before tax for the group is expected to be in the range of $2.2 million to $2.4 million, up from the previous financial years $0.2 million.

This expected profit is excluding non-cash fair value revaluations and adjustments, as well as government subsidies from COVID-19.

Eumundi anticipates its FY21 result to be achieved on a 26% uplift in revenue, to around $26.2 million.

Eumundi expects to deliver its final FY21 audited results on 26 August 2021.

Eumundi’s most recent moves included the group’s acquisition of the Court House Hotel on NSW’s far north coast for $6 million.

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