Australand Property Group’s
(ASX:ALZ) first half net profit dropped to $88.4 million, a 1 per cent decrease on the same time last year.
The result missed expectations, but the group says an uptick in leasing activity will boost full-year earnings.
In the six months to June 30, revenue from continuing operations took a hit, coming in at $391.5 million, a nine per cent fall on the same time frame last year.
The group will pay an unfranked interim dividend of 10.5 cents on August 7.
Managing director Bob Johnston says the lower first half result was driven by falls in the residential division.
