Stockland (ASX:SGP) has revised its full year guidance. The property developer says prolonged wet weather has resulted in a decline in its residential sales.
Stockland has revised its FY 2012 earnings per share (EPS) to 30.5 cents, 3.5 per cent lower than last year.
Managing Director Matthew Quinn says, recovery is likely to be slow unless there is a reduction in interest rates that will boost affordability and buyer confidence.
Stockland posted a net profit of $308 million for the half year ending December 2011.
