Stockland: Result 2013

Asset write downs and poor residential property sales featured in Stockland's result. Nathan Bell considers the risks to its 6.7% yield.

Stockland had already flagged its annual result when it recently decided to turf its ‘three Rs’ strategy, which we discussed in Stockland unveils new strategy from 14 May (Hold – $3.82). Revenue fell 15% to $1.7bn from a year earlier, chiefly due to a sharp fall in home sales, and underlying net profit (which excluded $367m of write-offs) fell 27% to $495m. Underlying earnings per share fell 24% to 22.4 cents but the final distribution was kept at 12 cents (ex date already passed). Shareholders received 24 cents for the full year, in line with last year, for a current yield of 6.7%.

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