$15.3m loss for builder AVJennings

HOME builder AVJennings has recorded another annual loss, but says the real estate market is improving.

The company made a net loss of $15.3 million in the year to June 30, compared to a loss of $29.8 million a year earlier.

Revenue fell by 16 per cent from the previous year, and the company again incurred a loss on inventory, although that loss was smaller than in the previous year.

However, AVJennings' second half revenue improved significantly from the first half of the financial year, and no losses were incurred on asset values.

The company said consumer confidence in NSW lifted in the six months to June, which reverses a decade-long trend in Australia's most populated state.

The company believes first home buyer incentives, housing shortages and affordability issues will lead to more houses being built in 2013 and 2014.

"Consumer confidence in the key New South Wales market seems to have lifted over the last six months in particular, reversing a decade-long trend, while that in southern Queensland has shown more recent signs of improvement as pricing has realigned with historical relativities to the other eastern capitals," the company said in a statement on Friday.

The company described its performance in Victoria as "stable and fair".

AVJennings shares gained two cents to 49 cents.

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