This article is from the Australian Property Journal archive
RESIDENTIAL developer has remained in the red, although it posted an improved net loss of $28 million for the year ended 31 December 2017 compared to $38 million in the previous year.
Devine said the 2017 results were significantly impacted by losses realised in the completion of projects by the company’s construction business.
Revenue from continuing operations was $46.6 million compared to $193.7 million in 2016, which included the closure of the detached housing business and the wind down of the medium density and wholesale housing businesses as discontinued.
The medium density and wholesale housing businesses have been wound down between July 2016 and July 2017.
During the year, Devine recorded 361 residential land sales, 209 land settlements, 112 apartment settlements and 21 apartment sales.
As at 31 December 2017, Devine’s residential development pipeline comprise 6,100 lots.
Devine said its primary focus is the on-going development of its existing property projects in Queensland, Victoria and South Australia.
“Devine will be looking to new opportunities as market conditions enable it to do so.”
Australian Property Journal
