February 19, 2019 / 10:12 PM / 2 months ago

Australia's Stockland Corp HY profit plunges amid housing downturn

Feb 20 (Reuters) - Diversified property company Stockland Corporation Ltd on Wednesday posted a 56 percent drop in half-year net profit due to cooling housing markets and intensifying competition in the retail sector.

Net profit after tax attributable for the six months ended Dec. 31 came in at A$300 million ($214.92 million), down 56.2 percent from last year.

Total revenue from its residential property segment for the half-year was A$658 million, down from the A$870 million it reported last year. ($1 = 1.3959 Australian dollars) (Reporting by Rashmi Ashok in Bengaluru Editing by Chris Reese)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below