Real estate group Mirvac (ASX:MGR) has recorded a loss in profit, with operating profit after tax dropping 7 per cent to $215 million in the first half of FY18, compared to $230 million in FY17.
Statuatory profit after tax decreased 8 per cent to $465 million for the half year FY18 from $508 million in the same time the previous year.
The company comments this is due to lower property revaluation gains in its investment portfolio compared to the prior year, in addition to the timing of residential lot settlements, which the company says is in line with its expectations.
Operating EBIT fell 8 per cent to $278 million for the half year, down from $303 million in FY17.
The property developer announced this morning it intends to initiate an on-market buy-back program for up to 2.6 per cent of its securities, as part of its capital allocation strategy, which is expected to commence on 23 February 2018 for 12 months.
Shares in Mirvac (ASX:MGR) are trading 0.24 per cent lower at $2.04.