Property developer Mirvac Group Ltd
(ASX:MGR) has booked a first half profit of $47.2 million and says it is in a strong position to expand over the next six months.
The company says there are positive signs in the marketplace for the second half and it is well placed to take advantage of growth opportunities thanks to the capital management initiatives it has undertaken over the past 18 months.
For the six months to December 31, 2009, Mirvac recorded an operating profit of $129.4 million.
Operating earnings were 4.6 cents per stapled security and the net tangible asset per share was $1.65.
Distributions to shareholders for the period totalled 4 cents per stapled security.
As a result of the acquisition of the separately listed Mirvac Real Estate Investment Trust in December, the company has revised its full year guidance, with earnings per security at 9.2 cents and the distribution per security remaining at 8 to 9 cents.
The company predicts construction activity to return to normal levels by next year, with a forecast for high rental growth as purchasers other than first-home buyers return to the market.
Mirvac posted a loss of just over $1 billion for fiscal 2009.
