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Takeover target Australand Property Group (ASX:ALZ) has reported a jump in first half net profit on the back of strength in the residential property sector. 

 

The Australian industrial property investor’s interim profit rose 49 per cent to $131.5 million while revenue dropped 15 per cent to $332 million. 

 

Managing Director Bob Johnston says residential earnings are up strongly, reflecting favourable market conditions and the performance of key projects during the half. 

 

Looking ahead the company has affirmed its full year earnings per share guidance but warned this could be altered if its suitor takes control and conducts its own review.  

 

An unfranked interim dividend of 12.75 cents per share has been declared. 

 

The results come after Australand’s directors unanimously backed a $2.6 billion takeover offer from Singapore-listed Frasers Centrepoint Limited (SGX:TQ5) earlier this month.