stockland looks ok..., page-3

I think the key word was flat growth and NO WRITE DOWNS!!! Meaning that the 70% drop in SP for GPT is way too much. Happy holding at this price. GL all.

0018 GMT [Dow Jones] Stockland (SGP.AU) up 3.4% at A$5.16 after posting 10% growth in
operating profit to A$674.0 million, in line with average estimate of A$673.5 million
from Thomson Reuters. After 5% increase in EPS, CEO Matthew Quinn says Stockland expects
a "nominal increase" in EPS in FY09, "assuming that market conditions do
not deteriorate further," before higher EPS growth expected from FY10 onwards. After
45% decline since December, analysts looking for at least flat EPS outlook for FY09, so
result and outlook comments should be welcome relief. (WEL)


*DJ Stockland FY Net Profit A$705.2M, Down 59%
*DJ Stockland Final Div 23.9c
*DJ Stockland Shares Up 3.2% After Pft Result
STOCKLAND SAYS FACES TOUGH MARKET AHEAD
STOCKLAND SAYS EXPECTS HIGHER EPS GROWTH FROM FY10 ONWARDS
*DJ Stockland: No Need For Residential Writedown

MELBOURNE, Aug 14 (Reuters) - Stockland Group ,
Australia's second-largest real estate investment trust, reported
a 10 percent rise in full-year operating profit on Thursday,
bolstered by shopping centre and office rent, and said it saw a
small increase in earnings per share in the year ahead.
Operating profit rose to A$674 million ($591 million) for the
year to June from A$611 million a year earlier. Analysts had
expected operating profit of A$675 million, according to Reuters
Estimates.
Stockland shares have tumbled this year, like other real
estate groups, after investors were burned by Centro Properties'
battle to cut A$2.8 billion in debt and by GPT's
struggles to generate growth from its overseas joint
venture with investment firm Babcock & Brown Ltd .
Stockland's balance sheet is in better shape than its smaller
rivals, but its earnings growth has slowed due to a downturn in
Australian housing markets, which has hurt its residential
development business, the biggest in Australia.
Its shares have fallen 35 percent so far this year,
underperforming a 30 percent fall in the A-REIT index <.AXPJ>.