Lifestyle Communities (ASX:LIC) reported that its net sales increased sequentially in the March quarter, although it continued to face headwinds across the residential property market in Victoria, according to a Monday Australian bourse filing.
The company reported an over 22% decrease in the number of excess inventory homes completed and not sold and a more than 34% reduction in the number of unsold homes currently under construction during the period.
The fourth fiscal quarter sales rates are expected to remain subdued due to seasonality, the Easter holiday period, and the upcoming federal election, according to Chief Executive Henry Ruiz.
In the same filing, the company said it is working on its target of releasing AU$80 million to AU$100 million from land sales to pay down short-term debt.
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