Shares in Australand Property Group (ASX:ALZ) closed higher yesterday after the company forecast an increase in operating earnings this year despite posting a fall in profit last year.
The property group says net profit fell 15 per cent in 2011 to $140.6 million, coming in within its guidance.
Operating profit rose 6 per cent to $135.4 million in the same 12 month period.
Looking ahead Australand says it anticipates conditions will remain challenging in the first half of this year but is cautiously optimistic and budgeting for growth in operating earnings per security in 2012.
Shares in Australand Property Group firmed 0.38 per cent yesterday, closing at $2.64.
