Stockland’s Retirement Living achieves $43 million profit, freezes wages and bonuses

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Stockland, who purchased the Victorian ARC portfolio of villages 2 years ago and makes up 21 of its 23 villages, has announced an operating profit of $43 million form its Retirement Living operations. The challenging property market across all of Stockland’s activities led it to miss its three year Earnings per Security target, resulting to 50% of long term incentive shares being forfeited by senior executives, plus the base salaries frozen fro a second year to June 2010.