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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.
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Last
$5.12 |
Change
-0.030(0.58%) |
Mkt cap ! $12.74B | |||
| Open | High | Low | Value | Volume |
| $5.17 | $5.18 | $5.12 | $3.793M | 738.1K |
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| No. | Vol. | Price($) |
|---|---|---|
| 22 | 22783 | $5.11 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.12 | 29029 | 49 |
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| Last trade - 11.59am 20/11/2024 (20 minute delay) ? |
| SGP (ASX) Chart |
