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Australand profit up 28%

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SYDNEY, Feb 7 AAP

February 07 2013, 10:02AM

Property developer and owner Australand's full-year profit has risen by 28 per cent and the company expects further earnings growth in 2013.

Australand has $2.3 billion in investments in residential, commercial and industrial properties, and also develops large-scale residential projects.

Its net profit in the year to December 31 was $180 million, up from $140.6 million in the previous corresponding period.

Earnings from its investment properties were up eight per cent, and the value of its portfolio rose by $51.3 million.

Earnings from Australand's development business increased by seven per cent from the previous corresponding period, due to strong sales at several medium density projects, the company said.

"Despite the generally cautious market sentiment, our residential earnings increased 16 per cent and contracts on hand at year-end were up by 24 per cent, providing good momentum into 2013," Australand managing director Bob Jonhston said in a statement.

Market conditions were expected to remain challenging in the year ahead, but Australand expected its operating earnings per security to rise, he said.

Operating earnings per security were 24.6 cents in calendar 2012.

Australand declared unfranked distributions of 21.5 cents per security in 2012, in line with the previous year.