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Mirvac Group posts 4% YOY rise in FY'19 operating profit

Mirvac Group posted a 4% year-over-year rise in operating profit for the fiscal year ended June 30.

The company on Aug. 8 reported a fiscal full-year operating profit of A$631 million, up 4% year over year from A$608 million. Operating EPS rose to 17.1 Australian cents from 15.6 cents, reaching the top end of the diversified property group's guidance.

Mirvac Group attributed the rise in operating profit to the strong performance of its office and industrial businesses during the year.

Statutory profit attributable to the stapled security holders fell to A$1.02 billion from A$1.09 billion. Statutory EPS declined to 27.6 cents from 29.4 cents.

Distributions paid for the period totaled A$440 million, up 5% year over year from A$408 million. Per stapled security, the company's distribution amounted to 11.6 cents, which is also in line with its guidance.

For the fiscal year ending June 30, 2020, the company expects its operating EPS to rise 3% to 4% year over year to between 17.6 cents to 17.8 cents. The company also expects a 5% year-over-year rise in its distribution per stapled security to 12.2 cents.