News: Stockland flags EPS fall

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Stockland (ASX:SGP) says its full-year earnings per share is likely to come in at the lower end of its guidance owing to costs associated with a restructure of the group.

 

The property group says its business has performed in line with expectations in the third quarter with retail sales growing, leasing in the industrial and office portfolios progressing well and solid reservations in retirement living.

 

Stockland expects the full year EPS to be 25 per cent below last year.

 

The company says it expects to maintain its 24 cent distribution in fiscal 2014, assuming there is no material decline in trading conditions.

 

The group also revealed a $49 million impairment on previously impaired residential projects, saying the additional amount relates to a court appeal where it is assuming the worst outcome.

 

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