Villa World profit rises

BROADBEACH-BASED developer Villa World has boosted its full-year guidance.

The company, led by managing director Craig Treasure, was targeting net profit of $41.6 million. Yesterday, Villa World said it expects to exceed that target with net profit within the range of $42 to $44 million.

The guidance includes a $2.6 million contribution from the recent sale of an undeveloped parcel. The company said that it expects to record 1678 sales in FY18, with projects selling ahead of expectations in the final quarter.

It said buyers were continuing to gain finance, however, it was taking longer than in the past. Villa World will carry presales into the next two financial years, and is targeting a full-year dividend of 18.5¢ per share fully franked.