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.