Mirvac reaffirms FY guidance

Property group unveils optimistic third-quarter update on residential success.

Mirvac Group (MGR) has reaffirmed its full-year operating earnings per share guidance as it unveiled an optimistic third-quarter update, buoyed by its residential business.

Mirvac said it expects operating EPS of between 11.8c and 12c per security in the full year, representing growth of between 8.3% and 10.1%.

Mirvac chief executive Susan Lloyd-Hurwitz said the group's focus on effective capital management initiatives, as well as accelerated progress on its non-core asset disposal program, will offer it the flexibility to plough capital back into the business and make future investments.

"Despite challenging market conditions our investment portfolio continues to perform well, with our in-house asset management and leasing teams delivering strong portfolio metrics," she said.

"Additionally, our development pipeline in both the office and retail sectors continues to progress well both in terms of construction and pre-leasing."

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