News: SGP Australia's Stockland reports 70% drop in annual profit

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    Aug 21 (Reuters) - Australian residential developer Stockland Corp (SGP) on Wednesday posted a nearly 70% drop in annual net profit, citing devaluations in its retail centre and retirement living portfolios in the midst of a steep downturn in the local property market.

    Statutory profit for the year ended June 30 came in at A$311 million ($210.70 million), compared with a profit of A$1.03 billion a year earlier.

    ($1 = 1.4760 Australian dollars)

 
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