Devine remains in the red

RESIDENTIAL developer Devine continues to languish, posting another loss after tax result of $13 million for the six months to June 30.

Devine’s CFO James Mackay said the loss is due primarily to the completion of projects in the construction and the closure of the housing business.

Revenue for the period dived further to $31.1 million compared to $113.1 million last year.

Although the loss result is an improvement from the previous year net loss after tax of $28.6 million.

“Devine is implementing actions to preserve shareholder value for the medium to long term and is committed to providing a sustainable platform for the company.

“In addition to the items above, Devine has prepared and submitted a number of contractual and insurance claims in relation to completed construction projects. The claims are a major focus for management and may take at least nine months to resolve. The receipts from these claims will be applied to debt.

“This will enable Devine to re-focus on its development businesses and use development funding to deliver projects and future returns,” Mackay said.

Australian Property Journal