Australand's half-year net profit dips 1% to $104 million

Australand, a unit of CapitaLand, has posted a 1 per cent dip in half-year net profit to A$88.4 million (S$104 million).

Revenue for the six months to June 30 fell by 9 per cent to A$391.5 million while net operating profit net dropped by a similar margin to A$62.4 million.

Australand managing director Bob Johnston attributed the fall in profit to lower contribution from the residential division due to fewer projects completion.

"The group, however, expects to deliver growth in operating earnings for the full year of 3 to 4 per cent, with a stronger performance expected during the second half of 2013 supported by secured residential sales and the industrial developments currently underway," he added.

Distribution per stapled security amounted to 10.5 Australian cents while net tangible assets per stapled security stood at A$3.57.

The interim distribution of 10.5 Australian cents will be paid on Aug 7.

The group expects to pay a further dividend of 11 Australian cents, taking its full year payout to 21.5 Australian cents. This is in line with previous guidance.