AV Jennings posts 19% rise in full-year earnings to A$41 mil

SINGAPORE (Aug 18): AV Jennings, the Australian-based residential property developer, posted a 19% increase in FY16 earnings to A$40.9 million ($42 million).

The stronger bottomline was driven by a 32.7% rise in revenue to A$421.9 million, lifted by changes in product mix and project share and buoyed by previous announcements that it would acquire the interests of joint venture partners in the Argyle project in Sydney and St Clair project in Adelaide.

Work in progress was up 11.2% from a year ago while the level of unsold completed stock stood at 2.8% by value of total lots under control as at end FY16. Gearing remains low with a debt-to-equity ratio of 17.9%.

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