The Government land agency, Land Corp, has made a record operating profit before tax

16/9/99

The Government land agency, LandCorp, made a record operating profit before tax of $38 million in the last financial year, an increase of $14 million on the previous year.
The result was contained in LandCorp's annual report tabled in Parliament today by Lands Minister Doug Shave.
The report also detailed LandCorp's implementation of the findings of a Ministerial Review of its operations.
"Policy changes resulting from that review include a stronger focus on meeting industrial land needs, integrated urban and infrastructure projects around the State, and maximising returns from the disposal of surplus Government land assets," Mr Shave said.
The Minister said there had also been an emphasis on the introduction of additional competitive neutrality reforms.
During the financial year LandCorp's asset rationalisation program resulted in the disposal of $72 million of assets, taking the total to $130 million since January 1998.
"LandCorp's revenue for the year of $111 million included $25 million from industrial land sales and $23 million from major urban and regional land sales," Mr Shave said.
The sale during the year of LandCorp's half share in the Lakeside Joondalup shopping centre for $58.5 million marked a major point in LandCorp's involvement in the development of Joondalup, Mr Shave said.
"Joondalup is a very successful project which has created a vibrant new regional city in Perth's north-west," he said.
"LandCorp's role in Joondalup is winding down and many of the roles and responsibilities it undertook have been passed to other agencies, primarily the City of Joondalup."
During the year, LandCorp had played an active part in the Government Asset Disposal program and assisted agencies to sell surplus land assets worth more than $23 million.
Media contacts: John Clune (Minister's Office) 9213 6500
Michelle Downie (LandCorp) 9482 7442