Mirvac's profits increase 69 percent to see over $1 billion sales

Mirvac's profits increase 69 percent to see over $1 billion sales
Mirvac's profits increase 69 percent to see over $1 billion sales

Diversified property giant Mirvac has secured nearly a 70 percent increase in their profits given booming real estate markets.

The total profit of $1.033 billion is a sharp increase from its $610 million last year.

The group's operating profit however only rose six percent to $482 million from $455 million.

The jump in profits is down to the revaluation of investment properties - and the ones under construction - which totals $497 million, considerably higher than the $141 million posted last year. 

The group's office and industrial assets contributed $796 million to the totter $1.033 billion profit.

The office portfolio was boosted by recycling assets with sales of $1.6 billion since 2014, showing a passing yield of 7.1 percent.

Each sector of the groups market reported large boosts.

Mirvac's property portfolio

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The residential land division business more than doubled from the year before and profits from retail rose to $243 million.

Their Woodlea, Rockbank subdivision in Melbourne's north-west and its Googong project in NSW secured the largest volume of sales.

They negotiated 258 offshore buyers and secured residential presages for the year of $2.9 billion, up nearly $1 billion on the previous year.

New developments for the group included 200 George Street and 8 Chifley in Sydney, Treasury Building in Perth and 699 Bourke Street in Melbourne.

Mirvac declared a final dividend of 5.2 cents a share, taking the total for unit holders over the year to 9.9 cents, up five per cent on the previous year.

Mirvac's diversification of sectors

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Tags: 
Mirvac Commercial Property

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