This article is from the Australian Property Journal archive
RESIDENTIAL developer AVJennings has delivered a profit after of $16.5 million for the first half year, up 39.2% from the previous corresponding period.
The result was supported by revenue growth of 57.9% to $187.2 million. Earnings per share grew by 38.8% to 4.3 cents per share.
AVJennings chairman Simon Cheong the result validates the company’s diversified geographic strategy and reflects continuing good levels of production, sales and gross margins.
“We remain confident of the strength of underlying demand for housing in our key markets,” CEO Peter Summers added.
“Supply and demand for capital city high density housing has significantly increased in recent years and is likely to decrease in the short term. However, there are no signs of an oversupply in the proven traditional housing sector, comprising medium density and detached housing, in which the company operates. We believe there continues to be pent up demand for detached and medium density housing, particularly in east coast capital cities and Auckland, New Zealand,” he added.
Australian Property Journal
