AVJennings says on track to hit A$40 million pre-tax profit for FY2015

SINGAPORE - Singapore and Australia-listed property developer AVJennings said on Wednesday it is on track to deliver profit before tax for its 2015 financial year in the order of A$40 million (S$42.3 million) or higher compared to pre-tax profit of A$27 million for FY2014.

This is despite the impact of recent adverse weather in New South Wales and Queensland, which will delay a significant number of settlements into early FY2016, managing director Peter Summers said in filing with the Singapore Exchange.

"The performance reflects both AVJennings' strategy to significantly increase its production levels, a process begun in late calendar 2012, and the continuing strong market conditions, particularly in New South Wales, Queensland and Auckland, New Zealand, he added.

The company said it has continued to perform strongly during FY2015 with contract signings and work in progress at their highest levels in eight years.