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News: Stockland residential arm boosts H1 profit

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    Stockland Limited (ASX:SGP) has boosted its first half profit on the back of strength from its residential business.  

    The property developer’s net profit rose 55 per cent to $462 million while its underlying profit gained 8.5 per cent to $290 million. 

    Stockland delivered profit growth in all businesses with operating profit in its residential arm jumping almost 73 per cent. 

    Looking ahead Stockland says it is on track to achieve annual earnings per share growth of between 6.75 per cent to 7.5 per cent. 

    An interim dividend of 12 cents per share has been declared. 
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