CANBERA (dpa-AFX) - Australian property company Stockland Corp. Ltd. (SGP.AX, STKAF.PK) reported Thursday that its fiscal 2024 pre-tax funds from operations or FFO declined 4.5 percent to A$843 million from last year's A$883 million.
Pre-tax FFO per security was 35.4 cents, at the top end of the company's guidance range of 34.5 to 35.5 cents.
Post-tax FFO of A$786 million fell 7.2 percent from A$847 million a year ago. Post-tax FFO per security was 33.0 cents, down 7.2 percent from FY23.
However, Investment Management segment delivered a strong result, with FFO of A$630 million, up 4.5 percent from last year.
The company's adjusted Funds From Operations or AFFO was A$659 million, and AFFO per security of 27.7 cents, down 10.1 percent from 30.8 cents last year.
Statutory profit for the year attributable to securityholders fell 30.5 percent to A$305 million from prior year's A$440 million.
Revenue for the year grew to A$2.99 billion from last year's A$2.81 billion.
Further, Stockland said the distribution for FY24 is 24.6 cents per security, compared with 26.2 cents per security in FY23. The distribution payout ratio of 75 percent is at the lower end of target range of 75 percent to 85 percent of FFO.
Looking ahead for fiscal 2025, Stockland projects FFO per security in a range of 32.0 to 33.0 cents on a post-tax basis.
In Australia, Stockland shares were trading at A$4.770, up 3.70 percent.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
