Australian property developer, Lifestyle Communities (ASX:LIC), sees their shares drop as much as 12.03% to A$15.32, marking their largest intraday drop since March 23, 2020.

Lifestyle Communities is currently at its nadir since July 7, making it the second biggest loser in the ASX 200 benchmark index.

The company’s FY23 net profit attributable to shareholders dropped 7.8% to A$81.90 million.

Lifestyle Communities has announced a final dividend of 6 Australian cents per share, echoing last year’s performance.

The company anticipates new settlements in FY24 to be mainly in the second half of the year.

It also plans to deliver between 1,400 and 1,700 new home settlements in the years between FY24 and FY26.

The company’s performance this year is down by 8.7% as of the last close, contrasted with a 3.8% rise in the benchmark ASX 200 index.

(Lifestyle Communities is an Australian property development company that focuses on providing residential communities for senior citizens.)