Stockland underlying profit grew by 9.4%
Stockland property group released the Sustainability Report and Annual Review for 2015 which noted underlying profit grew by 9.4% to $608 million with statutory profit at $903 million, more than 70% higher than the previous year.
Stockland Chariman Graham Bradley said the results reflect solid increases in earnings across Commercial Property, Residential and Retirement Living.
Managing director Mark Steinert said commercial property remains a key driver of the group’s success.
"On a comparable basis we achieved operating profit growth of 4.3% across the portfolio, with 4.2% in Retail, 3.1% in Logistics and Business Parks and 6.4% in Office, reflecting our strong focus on property fundamentals," he said.
"Our residential business achieved a substantial 73.5% uplift in profit and ended the year with a record 3,742 contracts on hand, up 17% on last year.
"Our Retirement Living operating profit was up 19.9% on FY14 reflecting strong sales, active management and improved efficiency. The business is now two years into our five year plan to achieve a 7% cash return on assets, which is marked by taking a much more active approach to how we manage our village portfolio.
“These reports show we are intertwining our approaches to property development and sustainability. We are focussed on the development and delivery of sustainable communities… Every year, Stockland engages in an independently-reviewed process to record its achievements, review and update its sustainability strategy, and set new targets for the year ahead.”
