Stockland Retirement profits up 43.8%

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Announcing Half Year results, Stockland Retirement CEO Stephen Bull (pictured) points to a 2% improvement on profit margins to deliver a $26 million operating profit over the six months July to December. This compared to $18 million for the same period last year – an increase of 43.8%. They also collected some benefit from asset sales.

All up they sold 325 existing units at an average price of $325,000 (turnover cash margin 26.9% – $87,425). 102 new units were sold at $449,000 average and a developers’ margin of 18% ($80,820).

Interestingly they now have 4,500 members (out of 11,000 residents) of their Benefits+ customer loyalty program which delivers discounts at Coles, Woolworths, Caltex and Stockland Shopping Centres, pre release musicals, comedy festivals, theatre, concert and sporting events tickets and movie ticket discounts plus travel benefits at Accor, Mantra resorts, P&O, Captain Cook cruises, Budget and Avis.

Image credit: The Australian