Property group Mirvac has lifted its interim dividend following a 21 per cent gain in first-half operating profit to $352 million, though the firm’s net result slipped.
Mirvac said revenue for the six months to December 31 increased 4.0 per cent to $1.62 billion – driven by an increase in residential settlements during the period.
Net profit slipped 5.0 per cent to $613 million as a result of higher net valuation gains on investment properties in the same period a year ago.
Nonetheless, the company increased its unfranked interim dividend to 6.1 cents, from 5.3 cents a year ago.
Mirvac buys and builds office, industrial and residential properties.
Chief executive Susan Lloyd-Hurwitz believes buyer sentiment in residential property is improving, and the market is rebounding in most locations.
The Sydney CBD office market had moved past a trough, she said.
The company was part of a consortium which won an $800 million NSW Government tender to build a precinct around a metro station at Waterloo in Sydney.
Other noteworthy projects during the period include an industrial estate which would serve the planned western Sydney airport, and units projects in Melbourne at Brunswick and Flinders West.
By 1022 AEDT, Mirvac shares were trading 1.1 per cent lower at $3.40 each.
AAP
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