AV Jennings has made a $8.4 million profit in the six months to December 31.
Home builder AV Jennings is back in the black with a solid half year profit.
The company has announced a profit of $8.4 million during the six months to December 31, a big turnaround from a $19.1 million loss made in the same period a year earlier.
The improved results reflect an increase in production and sales, including growing consumer confidence in the key New South Wales and southeast Queensland markets, AV Jennings director Peter Summers’ report says.
“This is reflected in the improved performance of individual estates although the recovery is much more established in NSW at this stage,” he said.
“Further improvement in the company’s Queensland markets is expected in the short term.”
He said home sales in Victoria is showing signs of recovery but South Australian sales remain subdued.
At 1042 AEDT, AV Jennings’ shares have risen 2.5 cents at 62.5 cents.