SGP 1.75% $5.06 stockland

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    Sydney - Thursday - August 14: (RWE Australian Business News) -
    Stockland (ASX:SGP), which comprises Stockland Corporation Ltd and
    Stockland Trust, today reported net profit fell 58.9pc to $705.2m in the
    12 months ended June 30 from $1.72bn for the previous year.
    Revenue and other income fell 19.5pc to $2.68bn from $3.33bn.
    Profit "as assessed by directors" rose 10.3pc to $674m.
    Basic earnings per security were 48.4c, down from $1.235.
    Final dividend/distribution was increased from 22.8c to 23.9c,
    payable on August 29 to security holders registered June 30.
    Total payout for the year was 46.5c, an increase of 5pc on 2007.
    Net tangible asset backing per security was $5.46, up from
    $5.33.

    *****

    Managing director Mr Matthew Quinn said, "We are very pleased
    with these results given the unprecedented volatility in capital and
    property markets over the past 12 months.
    "Our ability to deliver 5pc growth in earnings per security [to
    46.2c, before certain significant items] in this environment is a
    testament to the strength of our business model, the quality of our
    people and our long-term strategic focus.
    "We have seen a steep decline in confidence in the Australian
    REIT sector in recent months and we're disappointed to have been
    impacted. We are intent on restoring confidence through our focus on
    value creation for our security holders, and our sound balance sheet
    puts us in a good position to do so."
    Mr Quinn said, "Our Australian operating businesses performed
    well this year. Our Commercial Property business, which encompasses our
    office, industrial and retail operations, delivered quality results
    driven by good rental growth and high occupancy levels.
    "Our Residential business also performed well despite
    deteriorating buyer sentiment, and our ability to once again grow
    profits through a tough residential cycle demonstrates the quality and
    diversity of our business," he said.
    "Despite the very tough market conditions in the UK, our
    business launched there last year made a positive contribution to
    operating profit, albeit less than we originally anticipated.
    "We are taking a long-term view in creating a diversified growth
    platform in the UK and we are very pleased with the quality of our
    business and have a great team on the ground to achieve this objective."
 
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