Australand Property Group
(ASX:ALZ) has reported a 25% fall in net profit to $135.3 million for the 2013 calendar year. Operating profit after tax was up 4 per cent on the previous year to $147.9 million.
The group took an impairment of $65 million on its property inventory in an effort to accelerate capital recovery in 2014, according to group MD Bob Johnson. He said he expects Australand distributions to increase in the 2014 calendar year to 22 cents per security, up from 21.5 cents in 2013.
