Mirvac beats guidance in FY

Property group says it will continue to focus on disciplined growth after unveiling a steep decline in full-year profit on the back of a $273m impairment.

Mirvac Group (MGR) says it will continue to focus on delivering disciplined growth in the year ahead, after beating its guidance for operating profit.

The real estate developer posted an operating earnings of 10.9 cents per stapled security, above guidance for between 10.7 to 10.8 cents.

It also was slightly higher than analyst forecasts, coming in at $377.6 million when consensus forecasts were for $370.4 million.

However, Mirvac's net profit attributable to shareholders was $139.9 million, a 66.6% fall on the the previous year.

The result was impacted by a $273.2 million impairment announced to the market in February.

Revenue in the same period was $15.57 billion, a 10% decline on the previous year.

Mirvac's total dividend for the year was 8.7 cents, unfranked. The group paid an interim dividend of 4.2 cents on January 25 and a final dividend of 4.5 cents on July 26, both of which were unfranked.

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