News: Stockland H1 profit falls 28%

.

Stockland (ASX:SGP) has confirmed its full year guidance and posted a 28 per cent fall in its first half net profit, coming in at $307.6 million for the last six months of 2011.

The property developer has attributed its result to tough economic conditions, poor consumer sentiment, reduced discretionary spending and weaker demand for Sydney CBD office space.

Stockland expects conditions to remain challenging with credit markets tightening, the Australian economy under pressure and tough property markets.

However, the company believes it is well-capitalised and placed for revenue growth opportunities in the second half and beyond.

An interim dividend of 12 cents per share has been declared.



Stockland increased its net profit by 58 per cent to $755 million in the 2011 financial year.