Commercial profits up, but Stockland residential the half year standout
Australia's biggest diversified property group, Stockland saw its first-half underlying profit rise 8.5% to $290 million.
It was growth in its residential business that was described as the standout performer in the first half, Stockland managing director and CEO, Mark Steinert told investors today.
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Residential was up 72.8% on 1H14.
The other Stockland businesses, including commercial, retirement living and and retail, profits were harder to come by.
Retirement living achieved operating profit growth of 5.8% on 1H14. Commercial property comparable operating profit was up 4.7%.
Logistics and business parks portfolio had 21.9% profit growth on 1H14.
"Our Commercial Property business remains a key driver of our group’s success.
"On a comparable basis we achieved operating profit growth of 4.7% across the portfolio, with 3.3% in retail, 5.7% in logistics and business parks and 7.8% in office, reflecting our strong focus on property fundamentals," Mark Steinert said.
