Residential developer AVJennings has blamed planning delays at one of its biggest housing estates in Victoria as a major factor contributing to a near-13 per cent fall in profits for 2017.
Its statutory profit was $35.7 million, down from $40.9 million a year earlier. Revenue also retreated 4.8 per cent to $401.6 million.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
