Australia's Mirvac Group annual net profit surges

SYDNEY Wed Aug 20, 2014 6:53pm EDT

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SYDNEY Aug 21 (Reuters) - Property company Mirvac Group reported a surge in annual net profit on Thursday, slightly exceeding expectations, led by better returns in its property trust portfolio and higher residential demand.

Net profit for the year to June 30 was A$447.3 ($415.2 million) compared with A$140 million a year ago and a A$430.9 million estimate from 13 analysts polled by Thomson Reuters I/B/E/S.

Operating profit after tax, before non-cash and significant items, rose 15.9 percent to A$437.8 million.

Record low interest rates in Australia have led to a pickup in home prices, while approvals to build new homes are trending higher. Sales of new homes rose 1.2 percent in June from May, according to the Australian Bureau of Statistics. ($1 = 1.0774 Australian dollar) (Reporting by Swati Pandey. Editing by Andre Grenon)

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