AVJennings narrows FY loss

Developer hopeful rebound in consumer confidence, activity will flow into 2014.

AVJennings (AVJ) is hopeful an uptick in consumer confidence and increased activity in the property sector in the second half of the year will carry forward into 2014, after significantly narrowing its net loss in the full-year.

In the year to June 30, AVJennings posted a net loss of $15.27 million, a 48.8% improvement of the $29.83 loss recorded in 2012.

Revenue in the period was $158.462 million, a 16.1% decline on the $188.809 million in the previous year.

While full-year revenue declined, the group said it was heartened by the fact its second-half revenue of $105.6 million was almost double that of the first half, due to the completion of inventory and gradually improving market conditions.

AV Jennings declined to pay a dividend.