Mirvac Group has reported a net profit of $68 million for security holders in the year ending June, a significant turnaround from the $805 million loss recorded in the previous year. This result comes despite a 10 per cent decrease in full-year revenue, which fell to $2.74 billion. Mirvac is an ASX-listed property group known for its integrated real estate capabilities, spanning investment, development, and management across various asset classes. The company aims to create quality urban environments and deliver sustainable returns for its stakeholders.
The group declared a final distribution of 4.5 cents per security, mirroring the first half distribution. This brings the total distribution for the year to 9 cents per security. Earnings per stapled security also saw a substantial shift, moving to a profit of 1.7 cents, compared to a loss of 20.4 cents in the prior year.
However, net tangible asset backing per ordinary share experienced a decline. Excluding intangible assets, right-of-use assets, deferred tax assets, and deferred tax liabilities, the figure dropped to $2.26 from $2.36. The company’s financial results reflect a complex interplay of factors affecting the property market, with profitability achieved despite top-line challenges.
