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Mirvac Group’s (ASX:MGR) full year net profit has been whacked down 66 per cent after it was forced to write-down the value of development projects.
The property group’s net profit sank to $139.9 million in fiscal 2013 from $416 million the year before.
The result was hit by $273.2 million of write-downs on its projects in Queensland and Western Australia.
CEO Susan Lloyd-Hurwitz says the company is well positioned for the future with a strong outlook for its development division.
Ms Lloyd-Hurwitz also noted the company is seeing signs of recovery across the industry as a result of improving housing affordability, population growth and low rental vacancy.
Mirvac Group announced it is on the hunt for a new chairman after the sudden resignation of James MacKenzie yesterday.
Mirvac Group's total full year payout came in at 8.7 cents and the company has given distribution guidance of between 8.8 to 9 cents per share for the year ahead.
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