REPORTING SEASON: Stockland (SGP)
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Figure 1: Stockland 12 month chart
Stockland (SGP) profit rises helped by higher property valuations
· Diversified property group, Stockland (SGP) reported its full year numbers today.
· Today’s result met market expectations for the full year. Stockland’s funds from operations (FFO) (the market and Property Council of Australia’s preferred measurement of operating performance) came in at 24.8 cents per share, up 16.4% on the prior year.
· The result was helped by improvements in the property market and valuation of assets.
· Stockland’s statutory profit after tax increased by over 400%. The lift was due to SGP’s rebuilding after its major residential assets write-down in FY13 of $355Million, and further solid organic growth and valuation gains from its $390Million strategic acquisitions.
· Stockland is positive on its outlook for FY15 saying the global economic growth has generally improved over the last 12months, adding that they are well placed to meet FY15 earnings per security (EPS) growth of 6.0 – 7.5%.
· Stockland will pay a 2nd half distribution payment of $0.12 on the 29th of August 2014