News: Stockland profits fall

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Stockland’s (ASX:SGP) full year net profit has dived 79 per cent to $104.6 million.

 

The result was hit by a $355 million impairment in the value of the Stockland's residential book, as previously disclosed.

 

Underlying profit for the year was $494.8 million, 27 per cent down on last year’s result.

 

Revenue in the same period was $1.73 billion, a significant decline on the $2 billion recorded for the full 2012 financial year.

 

The group announced a final dividend of 12 cents, and a total dividend of 24 cents.

 

Stockland says it’s confident its earnings will improve in the year ahead as it has restructured the business and expects increased income from new retail, residential and retirement living projects.