The commercial property portfolio reported operating profit of $497 million, up 3 per cent on the previous corresponding period, largely reflecting income from completed retail developments and industrial acquisitions partly offset by office sales.
Stockland’s residential communities group reported operating profit of $95 million, up 57 per cent on the previous corresonding period.
Stockland’s chief executive Mark Steinert says the year ahead will be characterised by ‘‘greenfield’’ developments and the acquisition of assets in the residential, apartments and mixed use projects, as well as the fast growing business parks and warehouses sectors.
The news came as Stockland announced a 12. 2 per cent rise in net profit for the year to June 30, to $555 million.
Stockland was in a good position to benefit from strong residential market conditions, Macquarie analysts said, but reminded investors that residential was only about 20 per cent of the Stockland business.
Read more here: SMH