Mirvac (ASX:MGR) statutory profit drops over 35% on PcP

Company News

by Katrina Bullock

Mirvac Group’s (ASX:MGR) statutory profit after tax dropped over 35 per cent to $396 million in the half year ended 31 December 2020, compared to the same half year in 2019.

Operating profit after tax fell from $352 million to $276 million for the period.

Mirvac’s CEO and managing director, Susan Lloyd-Hurwitz says the pandemic continued to disrupt operating markets during the half “and the world remains in crisis.”

The Australian property group did show signs of recovery compared to the previous half and is relying on its $28 billion development pipeline to bolster its recovery.

Shares in Mirvac Group (ASX:MGR) are trading 1.27 per cent lower at $2.33.