Property group Stockland Ltd
(ASX:SGP) has reported a half-year profit of $213.7 million, compared to a loss of $726.9 million for the same period a year ago.
Record residential sales, due to a 70% increase in single lot sales, contributed to a 56% jump in revenue to about $1.25 billion during the six-month period.
The company also upgraded its full year earnings per share guidance from 28 to 29 cents a share.
CEO Matthew Quinn says he expects second-half profit to be higher through the settlement of the record number of contracts on hand and higher super lot sales.
Stockland reported a loss of $1.8 billion in fiscal 2009.
