Residential property developer AV Jennings has upgraded its full-year profit guidance after expected weather delays for New South Wales projects failed to eventuate.
The house and land packages group, which swung to an $18.8 million profit last fiscal year, has lifted its expectations for net profit after tax from about $40m to "$47m or higher".
"The expected result was impacted by adverse weather in NSW in the second half, however, a number of material stages of projects were able to be completed in the month of June that were originally assessed as likely to be completed after year end," the company said in a statement to the ASX.
"Whilst assessment of the asset carrying values as at 30 June 2015 is continuing and has not been finalised, further material adjustments are not expected," it added.
The company is set to announce full-year earnings on August 20. Shares in the company were up 3.85 per cent to 67.5c on the news.