Residential property developer, Villa World (ASX:VLW)
advised its FY19 profit after tax will be $40 million, on the back of strong sales.
It comes as it made 1,678 sales in FY18. On 9 July 2018 it advised it would be carrying forward significant pre-sales into FY19 and FY20.
Many of those are conditional sales on Victorian projects, which reflects the strong performance in Clyde North and Plumpton, with pre-sales being achieved well ahead of construction starting.
The $40 million profit guidance assumes revenue will move into FY19 and FY20, on the back of planning authority delay. However, Villa World says many of its projects could be delivered sooner than expected.
Shares in Villa World (ASX:VLW)
are trading 5.24 per cent lower at $2.17.