Property developer, Winton, has reported a 71.5% decrease in earnings before interest, tax, depreciation and amortisation (EBITDA) of $14.2 million, for the six months ending Dec 31 2023.
Profit after tax also dropped by 71.8% to $9.7m.
The decline in financial performance was attributed to higher cost of sales, a lower gain in revaluation of investment properties, and increased selling and administrative expenses.
However, Winton's chair and CEO, Chris Meehan, expressed satisfaction with the company's continued momentum and highlighted the achievement of various milestones.
Winton settled 158 units during the period, generating $85.6m in revenue, which was a 7.7% decrease from the previous year.
The company also ended the half-year with pre-sales of $409m, a landbank yield of 6,268 units, and cash holdings of $99.3m.
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