AVJennings issues higher profit guidance for fiscal year

SINGAPORE and Australia-listed property developer, AVJennings Limited, issued on Tuesday a profit guidance for its fiscal year ended June 30, saying that it expects profit before tax to be A$47 million (S$47.1 million) or higher.

This is higher than the earlier guidance in the order of A$40 million or higher for pre-tax profit.

"The expected result was impacted by adverse weather in New South Wales in the second half, however, a number of material stages of projects were able to be completed in the month of June that were originally assessed as likely to be completed after year end," AVJennings said. "Whilst assessment of the asset carrying values as at June 30 is continuing and has not been finalised, further material adjustments are not expected."

It said that its directors remain confident that Australia's strong residential market conditions will continue. AVJennings' full-year results are slated to be out around Aug 20.