Peet (ASX:PPC) share price slips despite doubling profits

Peet Limited (ASX: PPC) shares are sliding lower today after the company released its financial results for the half-year ending 31 December (H1 FY21). In late afternoon trading, the Peet share price has slumped almost 3% to $1.17.

Let’s take a look at how the residential land developer has been performing. 

What did Peet report?

The Peet share price is slipping despite the company reporting a 101% increase in statutory profits over the prior corresponding half, up to $10.1 million. Revenue of $106 million was also up 11% year on year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 65% to $20.9 million, compared to $12.7 million in H1 FY20. Earnings per share (EPS) were up 100% to 2.1…