Business Services Industry
Stockland sole winner in poor residential developer market.
Australasian Business Intelligence, March, 2007
Byline: Ben Schneiders
Mar 18, 2007 (The Age - ABIX via COMTEX) -- Only one Australian residential property developer posted increased earnings in this reporting season. The findings were in a Merrill Lynch study released in mid-March 2007 and showed that Stockland had an increased EBIT of 3%, whereas Mirvac had a drop of 16%, Investa was down 57% and Lend Lease had a drop of 3% on its Asia-Pacific sector. The generally poor performance was put down to a difficult market in New South Wales, higher interest rates, low rental yield, high development costs and low affordability.
Publication Date: 19 March 2007
MERRILL LYNCH (AUSTRALIA) PTY LTD
MIRVAC GROUP - ASX MGR
STOCKLAND - ASX SGP
LEND LEASE CORPORATION LIMITED - ASX LLC
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