News: SGP Stockland Corp FY net profit after tax down 1.6 pct

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    Aug 17 (Reuters) - Stockland Corporation Ltd (SGP) :

    • Appendix 4e including Stockland financial report FY 2016 (SGP)
    • FY revenue from ordinary activities up 10.1% to $2.33 billion
    • Final distribution 12.3 cents per stapled security
    • FY net profit after tax down 1.6% to $889 million
    • Forecast growth in funds from operations per security of 5-7% and distribution growth of 4.1% in FY 2017
    • Expected residential lot settlements and retirement living net reservations also remain buoyant for year ahead"
    • Expects FFO per security to skew towards the second half
    • FY 2017 distribution per security is targeted at 25.5 cents
    • From FY 2017, distribution policy will be based on FFO and will reflect a payout ratio of 75 - 85%
    • Will continue to report underlying profit"
    • Expect to achieve more than 6,000 residential lot settlements in FY 2017 , with "strong" profit skew towards 2h17
 
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