SINGAPORE (Aug 18): AV Jennings, the Australian-based residential property developer, has announced FY17 earnings of A$35.7 million ($38.4 million), down 12.7% from A$40.9 million in FY16 on the back of lower revenue.
Revenue for the full year fell 4.8% to A$401.6 million from A$421.9 million in the previous year, due largely to production and lot titling delays in part occasioned by protracted adverse weather events that affected the eastern seaboard of Australia in the second half.
Nonetheless, the group has maintained its total dividend for FY17 at 5 Australian cents per share with a final dividend of 3.5 Australian cents per share, and attributes this to good contract signings in 2H17; substantial post balance date cash inflows from the collection of receivables; and confidence in the outlook for FY18.
