Devine (DVN) announced today that expects its 2008 full-year profit to be substantially above last year.
The property construction and development group said this positive guidance has been made on the basis that the $75 million sale of its Currumbin project on the Gold Coast to FKP Property Group is completed, forecast land development timeframes are met and that the company's office development at 333 Ann St in Brisbane is completed.
The Devine Directors also announced that the results for the first half net profit will be above the corresponding period for last year.
"The 2007 half-year results are expected to be in the range of 15% to 20% above the $6.987 million profit after tax reported for the six months ending December 06," Devine said in a statement.
Contributing to the positive first half performance has been the return to profitability of Devine's Housing and Land Division, above budgeted profits from the settlement of its Charlotte Towers project as well as Devine's new Joint Venture agreement on its Hamilton Harbour project with Leighton Properties.'
Devine rose by 5 cents to $1.38 by 12:15PM AEST.
