Stockland (ASX:SGP) has almost doubled its first-half profit, rising 99 per cent to $425.1 million for the six months to 31 December.
The property group has also lifted its full year earnings per security outlook to grow from 7 to 8.5 per cent, boosting underlying earnings per security to around 31.6 cents.
CEO Matthew Quinn says the company's three operating businesses, residential, retirement living and commercial property, all made good progress in the first half.
Mr Quinn also adds that Stockland has a strong balance sheet, good cash flows and long-dated debt.
Stockland has declared a distribution of 11.8 cents per security.
In the 2010 financial year, Stockland reported a net profit of $478 million.
SGP Price at posting:
$3.82 Sentiment: None Disclosure: Held
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