Stockland post a 69.6% drop in NPAT

Company News

by Rachael Jones

Residential developer Stockland Corp (ASX:SGP) posted a net profit after tax attributable to security holders down 69.6 per cent to $311 million compared to last year's $1.03 billion.

Devaluations in retail centres and retirement living portfolios and the downturn in the local property market are to blame.

Stockland also today announced the exchange of contracts to sell its 50 per cent stake in 135 King Street and Glasshouse in Sydney for $340 million, and to acquire the remaining 50 per cent stake in the Piccadilly Centre from Oxford Properties for $347 million.

Shares in Stockland Corp (ASX:SGP) are trading 3.15 per cent lower at $4.46.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.