DVN LEI

News: Devine issues profit warning

  1. FNN News
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    06/11/12
    09:59
    Post #: 10961753
    .

    Devine Limited (ASX:DVN) says challenging market conditions in the residential sector have forced it to downgrade its full year profit before tax to about $10 million, down from a pre-tax profit of $16 million recorded in fiscal 2012.



    Devine says the Victorian property market remains soft but affirms it has a solid backlog of residential development opportunities ahead with Queensland and South Australia showing an uplift in activity due to recent government stimulus.



    Leighton Holdings Limited (ASX:LEI) remains the company’s largest shareholder with a 50.06 per cent stake. Devine booked a net loss of $12.9 million in fiscal 2012.
    DVN Price at posting: 67.5¢ Sentiment: None Disclosure: Held
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