Mirvac Group (ASX:MGR) has maintained its earnings guidance for the current financial year after achieving a strong portfolio occupancy in its first quarter.
The property developer expects to generate earnings per share for the full year, flagging distribution guidance of up to 8.7 cents per share.
Along with a 98.3 per cent portfolio occupancy, the group says it is on target to achieve its full year settlement target of 1,800 lots.
Mirvac has also de-risked its earnings by already securing just under 60 per cent of fiscal 2013 pre tax and interest earnings.
Development CEO Brett Draffen says Mirvac’s residential strategy of targeting diversified projects is proving resilient, and the group continues to focus on de-risking through achieving strong pre sales.
Mirvac generated a net profit of $416 million in the 2012 financial year.
MGR Price at posting:
$1.55 Sentiment: None Disclosure: Held
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