Property boom “profitless”

Thursday, 8 November 2018

More builders will fail as a hangover from what has been a “profitless boom” for some washes through the market, Hutchinson Builders chairman Scott Hutchinson believes.

The group posted a before-tax profit of $37.53 million last financial year on turnover of $2.7 billion, or a profit of just over 1 per cent, Mr Hutchinson said.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.