August 18, 2015 / 11:41 PM / 4 years ago

Stockland FY underlying profit up 9.4 pct, meets f'cast

SYDNEY, Aug 18 (Reuters) - Diversified real estate investment trust Stockland Corp Ltd posted a 9.4 percent rise in underlying annual profit, helped by strong demand for housing, while its retirement living and logistics businesses were also bouyant.

Underlying profit rose to A$608 million ($446 million) compared to A$555 million a year ago and in line with a A$607 million estimate of 10 analysts polled by Thomson Reuters I/B/E/S.

Funds from operations, a measure of underlying and recurring earnings, increased about 15 percent to A$657 million.

Last week, property developer Mirvac Group boosted annual profit by 36 percent and locked in record home pre-sales. It expects booming property markets to drive earnings growth in its residential business over the next 3-5 years. ($1 = 1.3633 Australian dollars) (Reporting by Swati Pandey; Editing by Richard Pullin)

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