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
