Australand Property Group
(ASX:ALZ) has recorded a half-year net profit of $72.2 million after tax, including investment property revaluation gains of $11.8 million.
Australand says distributions for 2010 are expected to be 20.5 cents per security, with a half year distribution of 10 cents per staples security to be paid on 5 August 2010.
The developer confirmed it is on track to achieve full year earnings guidance.
Managing Director Bob Johnson says the commercial, industrial and residential sectors remain positive, with the increased levels of activity in response to improving economic conditions.
Australand reported a $298.24 million loss for the year ending 30 December 2009.
