Aussie property developer Lifestyle Communities slumps on weak annual profit

Lifestyle Communities

16/08/2023 02:08

** Shares of property developer Lifestyle Communities Ltd
 LIC.AX  fall as much as 12.03% to A$15.32, their biggest
intraday drop since March 23, 2020
    ** LIC at its lowest level since July 7; second biggest
loser in the ASX 200 benchmark index  .AXJO 
    ** FY23 net profit attributable falls 7.8% to A$81.90 mln
($52.78 mln)
    ** Declares final dividend of 6 Australian cents per share,
same as last year
    ** Expects new settlements in FY24 skewed to 2H24; adds
planning to deliver 1,400 to 1,700 new home settlements between
FY24 and FY26
    ** LIC down 8.7% this year as of last close, vs a 3.8% rise
in the benchmark ASX 200 index  .AXJO  


($1 = 1.5518 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))