Mirvac Group announced 1HFY23 Interim Report

Feb 09, 2023

Mirvac Group (ASX: MGR) announced its interim result for the half year ended 31 December 2022 as follows:

  • Despite challenging market conditions, the company's operating profit after tax increased by 3% in 1HFY23 to AU$305 million.
  • In 1HFY23, the company's statutory profit was AU$215 million, a 62% decrease from the previous year, primarily due to lower investment property revaluations.
  • In 1HFY23, the company's cash collections stabilized at 98% and its AU$1.3 billion asset sales program advanced, with around AU$445 million in asset sales acheived over time.
  • The company successfully integrated the AU$7.9 billion Mirvac Wholesale Office Fund, increasing its external assets under management to AU$18 billion, up by 75%.
  • The company generated an EBIT of AU$36 million as a result of government stimulus, record low lending rates, and higher apartment settlements.

 

 

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