DEVINE SEES GROWTH AFTER HOUSING EXIT

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.


Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Board exodus gathers pace at The Star after O’Neill resigns as chairman

Board exodus gathers pace at The Star after O’Neill resigns as chairman

The Star Entertainment Group (ASX: SGR) is now on the hunt for a ne...

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Bendigo-based Apiam Animal Health saddles up with $13.8m acquisitions

Vet services business Apiam Animal Health (ASX: AHX) has gone ...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...