DVN: Property Development Update

Document date:  Thu 14 Nov 2002
Published:  Thu 14 Nov 2002 10:24:01
Document No:  149787
Document part:  A
Market Flag:  N
Classification:  Periodic Reports - Other 

DEVINE LIMITED                                2002-11-14  ASX-SIGNAL-G

HOMEX - Brisbane                                                      

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PROFIT PERFORMANCE 

At the company's AGM held in Brisbane last week, Directors advised
that the unaudited trading profit for the September quarter was
ahead of the profit recorded for the same period last year. It was
pointed out however that the December 2002 quarter's result would be
adversely affected by any write offs that would flow from the earlier
announcement to the market that the joint venture partners would not
be proceeding with the Brisbane CBD development, "The Georgian".

An initial assessment has now been made of the costs to be written
off in relation to "The Georgian" project. After provisioning for all
of the known costs incurred to date, Devine Limited has recorded an
unaudited profit after tax of $4.2M for the four months to 31 October
2002.

As stated in the Chairman's address at the AGM, Directors anticipate
that the interim dividend for the six months ended 31 December 2002
will be held at the same level as last year. This was 3 cents per
ordinary share.

PROPERTY DEVELOPMENT UPDATE 

Sales to date on the company's Melbourne CBD project in the Docklands
precinct, "Victoria Point", are progressing well. As previously
communicated, Devine Limited has until March 2003 to obtain
sufficient sales to secure finance for the project and financially
fully commit to acquiring the site.

With over 90% of the units in the company's "Casino Towers" project
sold and with over 83% of these at unconditional contract stage with
10% deposit paid, the company has received an indicative offer of
finance from the ANZ Bank for this Brisbane CBD project. The ANZ are
currently processing the funding application and associated
documentation and Devine is confident of receiving formal approval
within the next two weeks. Based on this, work is expected to
commence on site before the end of November.

For further information

Viv Grayson
COMPANY SECRETARY
Devine Limited
Ph: (07) 3380 2531
Fax (07) 3380 2593