AVJennings' H1 FY2017 earnings drop 14.4%; revenue down 16.6%

Singapore

AUSTRALIAN residential property developer AVJennings on Monday reported a 14.4 per cent drop in net profit to A$14.1 million (S$15.3 million) for the six months ended Dec 31, 2016, as revenue took a hit.

The net profit for H1 FY2017 also included a net A$3.5 million release of impairment provision predominantly driven by projects in New South Wales and South Australia, which was moderately higher than the impairment released in the first half of financial year 2016.