Building and construction business Mirvac Group (ASX: MGR) released its 2018 financial results today.
In a statement to the ASX, Mirvac reported a 7% fall in revenue, to $2.8 billion, together with a profit of $1.09 billion, down 6% on the result from 2017. Operating profit after tax was $580 million, up from $534 million.
Mirvac’s operating profit result appears to be in-line with analysts’ expectations. Data compiled by Bell Potter suggested analysts were expecting a profit of $576 million with a dividend of 11 cents per share.
Mirvac’s total dividends for its 2018 financial year will be 11 cents per share, with a final dividend of 6 cents per share. The dividends are unfranked.
“Our purpose to reimagine urban life and our urban asset creation strategy underpinned another excellent year in FY18, delivering strong earnings growth for our securityholders and ensuring we have a resilient and sustainable business that is well-placed for the future,” Susan Lloyd-Hurwitz, Mirvac’s CEO, said in an ASX filing.
“This is reflected by a robust capital position with good visibility of future earnings and each business unit performing at the top of its class.”
Looking towards its 2019 financial year, Mirvac is targeting between 2% and 4% profit per share growth. It forecasts dividends of 11.6 cents per share, up 5%.
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