AVJennings reports 14.4% decline in earnings for 1H17 to $15.3 mil

SINGAPORE (Feb 20): AVJennings, the Australia-based residential property developer, reported A$14.1 million in earnings ($15.3 million) for the half year ended Dec 31, down 14.4% from the A$16.5 million declared a year ago on lower revenue.

Group revenue fell 16.6% to A$156 million from A$187.2 million in the previous year due to lower contract signings which registered at 730 lots, lower than 999 lots in the previous corresponding period.

Gross margins, however, grew 2.4 percentage points higher with the standout contributor being from New South Wales (NSW).

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