Stockland has announced a drop in profit of 79%, down to $104.6M, after it wrote down the value of its property portfolio by $355M, largely in its Residential book. Meanwhile its Retirement Living group made an EBIT of $45M and an operating profit of $38M, up 6% on last year. With assets of just over $1B, new Retirement Living CEO Stephen Bull says return on assets rose from 4.2% to 4.5%, and they are targeting 6.5% by 2015 and 8.0% by 2018.
With 62 villages and 8,082 ILUs, they sold 851 ILUs over the 12 months, an average of 16 per week. The average price was $356,000. 36% were newly developed ILUs.
Retirement Living accounts for 10% of Stocklands real estate assets.
Government Policy
Australian Senate votes for two separate inquiries into aged care reform
The Senate has voted to establish two new Senate inquiries into the Government’s historic aged care reforms, rollout out on the weekend after years of preparation, amid concerns they will not deliver for older Australians.
