CANBERA (dpa-AFX) - Mirvac Group (MRVGF), a real estate development company, reported a sharp increase in profit for the half year, driven by higher revenue, improved contributions from joint ventures, and the absence of prior-year revaluation losses on investment properties.
Profit before tax rose to 331 million from 7 million in the previous year, which included a revaluation loss of A$158 million.
Net income attributable to stapled securityholders rose sharply to 319 million or 8.1 cents per share from 1 million a year earlier.
Operating profit after tax was A$248 million or 6.3 cents per stapled security (cpss), up from A$236 million or 6 cpss a year ago.
Revenue for the period increased to A$1.301 billion from A$1.131 billion in the previous year, while total revenue and other income increased to A$1.511 billion from A$1.273 billion.
Distributions were 4.7cpss, reflecting a payout ratio of 75 per cent.
Net Tangible Assets per security was A$2.30, down from A$2.31.
Looking ahead to fiscal 2026, the company has confirmed its operating earnings guidance of 12.8 to 13.0 cents per stapled security, and a distribution of 9.5 cents per stapled security.
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