Stockland FY profit slides

Property group confident of FY14 earnings despite taking a hit to profit in past year due to $355m impairment on resididential book.

Stockland (SGP) is confident its earnings will improve in the year ahead, buoyed by increased income from new retail, residential and retirement living projects, after posting a marked decline in full-year net and statutory profit.

In the year to June 30, Stockland posted a statutory profit of $104.6 million, a 79% decline on the $487 million recorded in the previous year.

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