May 30 (Reuters) - Devine Ltd (DVN) :
- Has negotiated and completed the sale of the townsville city project in Queensland
- Is in advanced negotiations for other asset sales
- Proceeds from the townsville sale have been used to reduce debt and provide working capital
- Expects impairments on certain assets
- Has implemented a cost reduction plan
- Anticipates that its 2016 full year result will be a loss of approximately $35 million
