Mirvac half-year profit hits $319m with sales growth
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The news: Property developer Mirvac Group reported $319 million in half-year statutory net profit as residential sales and settlements increased year on year.
The numbers: The half-year profit figure was ahead of average forecasts of $273.4 million according to Visible Alpha, and is up from a $1 million profit in the preceding year.
Earnings before interest and tax was up 10% to $398 million, while operating earnings per stapled security (EPS) came in at 6.3 cents.
The company declared a half-year dividend of 4.7 cents per stapled security, up from 4.5 cents a year prior and below consensus estimates of 4.6 cents.
Mrivac reaffirmed EPS guidance for between 12.8 cents and 13 cents in FY26 as well as distribution guidance of 9.5 cents per stapled security.
The context: Residential sales lifted 38% in the first half compared the previous corresponding period and settled lots lifted by 22%. The company's sold land lease lots increased by 50% while land lease lot settlements lifted 21%.
The source: ASX
