Stockland flags earnings rise

 

Thepines-entrance-1Australia’s housing boom has helped lift first half profits at property group, Stockland, and put it on track to increase its annual earnings.

Stockland’s net profit rose 55 per cent to $462 million in the half year to December 31, while underlying profit climbed 8.5 per cent to $290 million thanks to a 73 per cent rise in earnings at its residential business.

Stockland MD, Mark Steinert, said population growth and low interest rates would continue to support the residential market for some time.

He said Stockland was on track to achieve the upper end of its forecast for full year underlying earnings growth, a rise of between 6.75 per cent and 7.5 per cent.

AAP

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