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Mirvac Group (ASX:MGR) has reaffirmed operating earnings per share guidance for fiscal 2014, saying housing volumes and pricing are starting to improve.
In its first quarter update, Mirvac reiterated earnings per share forecasts of 11.7 cents to 12 cents per stapled security and distribution guidance of 8.8 cents to 9 cents per stapled security.
The integrated real estate group says it is on track to achieve a development return on invested capital of greater than 10 per cent.
Mirvac chief executive officer Susan Lloyd-Hurwitz says the group is comfortable with the outlook for its passive assets due to the quality of its office portfolio and the positioning of its retail portfolio.
Mirvac also noted that ratings agency Standard & Poor's had upgraded its credit rating from BBB to BBB+.
Mirvac delivered a net profit of $139.9 million in fiscal 2013.
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