News: Stockland on track for EPS growth

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Stockland (ASX:SGP) says it is on track to achieve earnings per share growth of 8.5 per cent in the 2011 financial year.



However despite noting strong customer enquiry levels, the property developer says that buyers remain cautious and are taking longer to make a purchase decision. 



Stockland says after a strong first quarter net deposits slowed in the third quarter, mainly due to a significant fall in south east Queensland.

The company forecasts lot settlements this year will be slightly higher than last years figure of 5,236.

Managing director Mathew Quinn says market conditions vary across states, noting that while the direct impact of Queensland's natural disasters on Stockland was minimal the broader impact on consumer sentiment has been significant, with potential customers actively looking but not buying.  



In the six months to 31 December 2010 Stockland recorded a net profit of $425 million.