News: Stockland begins restructure

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Stockland (ASX:SGP) has cut 80 jobs as part of its cost-cutting drive, according to media reports.

 

The group is reportedly aiming to cut gross overheads by 10 per cent in 2014 – including half in staffing costs and the remainder in process efficiencies and a national procurement system.

 

The news comes after Stockland said last week it was expecting its full-year earnings per share to come in at the lower end of its guidance, because of costs associated with a restructure of the group.

 

The group also revealed a $49 million impairment on previously impaired residential projects, including costs relating to a court appeal where it is assuming the worst outcome.

 

Stockland maintains no additional material impairments are expected unless trading conditions deteriorate significantly.

 

Stockland reported a net loss of $147.1 million for the first half of the current financial year.