Mirvac Reaffirms Earnings Guidance

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Thursday, May 1st, 2014
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Property group Mirvac still expects to grow its earnings per share by between eight and 10 per cent this fiscal year.

The company on Thursday re-affirmed its guidance range of earnings per share of 11.8-12 cents per share for the 2013/14 financial year, up from 10.95 cents last year.

“I am pleased to announce that we remain on track to deliver our FY14 guidance and our target of 10 per cent return on invested capital for the development division in FY14,” Mirvac chief executive Susan Lloyd-Hurwitz said.

“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.

Mirvac said it maintained 97.6 per cent occupancy across its portfolio.

It also said it had exchanged contracts to sell a 50 per cent stake in 699 Bourke Street, Melbourne, for $73 million during the March quarter, and had entered into an agreement to sell a 50 per cent stake in 275 Kent Street, Sydney, for $435 million.

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