Sydney - Thursday - August 14: (RWE Australian Business News) -
Stockland (ASX:SGP), which comprises Stockland Corporation Ltd and
Stockland Trust, today reported net profit fell 58.9pc to $705.2m in the
12 months ended June 30 from $1.72bn for the previous year.
Revenue and other income fell 19.5pc to $2.68bn from $3.33bn.
Profit "as assessed by directors" rose 10.3pc to $674m.
Basic earnings per security were 48.4c, down from $1.235.
Final dividend/distribution was increased from 22.8c to 23.9c,
payable on August 29 to security holders registered June 30.
Total payout for the year was 46.5c, an increase of 5pc on 2007.
Net tangible asset backing per security was $5.46, up from
$5.33.
*****
Managing director Mr Matthew Quinn said, "We are very pleased
with these results given the unprecedented volatility in capital and
property markets over the past 12 months.
"Our ability to deliver 5pc growth in earnings per security [to
46.2c, before certain significant items] in this environment is a
testament to the strength of our business model, the quality of our
people and our long-term strategic focus.
"We have seen a steep decline in confidence in the Australian
REIT sector in recent months and we're disappointed to have been
impacted. We are intent on restoring confidence through our focus on
value creation for our security holders, and our sound balance sheet
puts us in a good position to do so."
Mr Quinn said, "Our Australian operating businesses performed
well this year. Our Commercial Property business, which encompasses our
office, industrial and retail operations, delivered quality results
driven by good rental growth and high occupancy levels.
"Our Residential business also performed well despite
deteriorating buyer sentiment, and our ability to once again grow
profits through a tough residential cycle demonstrates the quality and
diversity of our business," he said.
"Despite the very tough market conditions in the UK, our
business launched there last year made a positive contribution to
operating profit, albeit less than we originally anticipated.
"We are taking a long-term view in creating a diversified growth
platform in the UK and we are very pleased with the quality of our
business and have a great team on the ground to achieve this objective."
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