Ann: Finbar Reports $21m Operating Profit and $8m NPAT in FY16-FRI.AX, page-9

I'm at the same point, not being able to accurately predict the future of Perth and Australian property.

Though FRI seems to have somewhat limited downside with their multiple JV partnerships. 1 partner puts up the land, FRI funds the development, profits are split.

They only have to sell the properties for above land + development cost. It's not like they're buying property at the top of the cycle and having to write it down (negative ROI). If they had valued the developments too high, there could be write-downs, but the potential over-valuations would not be equal to invested cash, but development costs + predicted profit.