Mirvac profit soars 69pc

Property group Mirvac has delivered earnings per share at the top of its guidance range.

Mirvac's Ascot Green residential apartment project

Property group Mirvac has recorded a near 70 per cent surge in full-year profit, delivering earnings per share at the top of its guidance range.

For the year to June 30, the ASX-listed company (MGR) declared a 69 per cent advance in earnings to $1.03 billion, with operating profits up 6 per cent to $482 million.

Mirvac said its operating earnings amount to 13c per share, at the top of its narrow 12.9c-13c per share guidance.

It also met its most recent forecast for distributions per share of 9.9c as distributions amounted to $366m for the year.

“We have delivered another solid result for FY16 at the top of our guidance range, reflecting our well defined urban strategy and the substantial transformation of the business over the past four years,” Mirvac chief executive Susan Lloyd-Hurwitz said.

The company tipped earnings per share growth of around 10 per cent for fiscal 2017, with an EPS guidance range of 14 — 14.4c a share.

Expansion in its distributions is expected to be more modest, however, as it forecast 10.2 — 10.4c per security.

“We have done a considerable amount of work to transform the business over the past four years and this has positioned us extremely well to deliver strong operating EPS growth of 8 to 11 per cent in FY17, the potential to deliver at least a 9 per cent average ROIC over the next three years and, importantly, long-term value for our securityholders,” Ms Lloyd-Hurwitz said.