Shares in Stockland fell 3.5% this morning to $3.39 after the company announced a net profit of $487 million – down by 35% from last year.
Revenue and other income dropped 20.8% to $2.2 billion.
The company said the result was due to several factors, with managing director Matthew Quinn saying the current trading environment remained challenging.
“We have managed prudently in response to the current environment with conservative balance sheet management, sharpened focus on understanding our customers, delivering innovative products that meet their needs and executing our strategy to position our business for future growth,” he said.
“We have retained relatively low gearing and tight control of costs, and have undertaken significant restructuring to improve our efficiency in FY13.”
This article first appeared at SmartCompany.