Lifestyle Communities first-half profit slides 30% to $16m
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The news: Property developer Lifestyle Communities reported a 30.4% decrease in first-half statutory profit after tax, at $15.8 million.
Lifestyle attributed this to lower new home settlements, lower sales rates, reduced deferred management revenue following a Victorian Civil and Administrative Tribunal decision and a greater portion of interest costs expensed against the land bank.
The numbers: The statutory profit result was ahead of average estimates of $12.8 million, according to Visible Alpha data.
Lifestyle Communities posted positive operating cash flows of $41.2 million for the first half of FY26, up from $12.9 million in the first half of FY25. Retail income from operating communities also lifted 11.9% year on year to $25.3 million on new home settlements and CPI linked rental increases.
The board, which paused dividends last year, did not declare an interim dividend.
The context: Lifestyle Communities confirmed that a notice of listing from the Court of Appeal at the Supreme Court of Victoria to appeal a decision that found certain fees the company was charging void and unenforceable will be head on 23 June 2026.
What they said: "The team have worked hard to deliver a pleasing recovery in net sales in the first half of FY26, with new home sales rates in the period demonstrating consistency quarter on quarter and material improvement from 1HFY25," Lifestyle Communities CEO Henry Ruiz said.
"While the Victorian property market showed some improvement during the period, it has shown recent signs of softening consumer sentiment."
The source: ASX
