AVJennings Ltd released the market update for FY 18

FY 18 PBT will be down: AVJennings Ltd.’s (ASX:AVJ) stock fell 1.45% on August 06, 2018 (before market close) after the company released an update on its unaudited financial result for FY18. AMC expects that for FY18, Profit Before Tax (PBT) will be approximately $45 million, which will be less than PBT of $51 million in FY 17. The FY18 result will exclude a positive PBT contribution of approximately $6.1m.

This item is related to complicated issue of revenue recognition of a stage at Arcadian Hills, Cobbitty, New South Wales. Therefore, if the revenue and profit from this stage would have been recognized, the result would have been in line with the FY17 result. However, AVJ for FY 18 expects the total dividends to be in line with FY17 at 5 cents per share. AVJ stock has fallen 4.17% in three months as on August 03, 2018 though it is trading at a P/E of 7.15x.

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