DEVINE SEES GROWTH AFTER HOUSING EXIT

Written on the 12 August 2015 by Brisbane Business News

DEVINE SEES GROWTH AFTER HOUSING EXIT BRISBANE residential developer Devine (ASX: DVN) has reduced its debt and reported a first half before profit of a couple of million.

Its underlying net profit before tax of $2.7 million does however exclude the results of a discontinued housing business, restructuring costs and costs incurred as part of the terminated company sale process.

This comes from a revenue of $146.5 million, derived from 403 land settlements.

With that said, the company is reporting a full year profit before tax of between $10 million and $13 million.

Devine managing director and CEO David Keir says the company has maintained good sales momentum in its core Queensland and Victoria markets.

"Our focus has shifted towards investment in new business growth and our pipeline of existing and upcoming projects," says Keir.

Despite Devine's Brisbane base, and the current upturn in local apartment projects, the developer has completed no new projects of this kind in the half, but is expecting to finalise two purchases later this year yielding 380 apartments following council approvals.

The company also announced it retired $28 million of debt in the six months to 30 June 2015. It has extended and renegotiated its primary debt facility with ANZ.



Author: Brisbane Business News Connect via: Twitter

Latest News

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected c...

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter