Higher interest rates, lower first-home buyer activity and fewer product launches may have impacted sales in Mirvac Group’s (ASX: MGR) residential division in FY23, but the company is taking heart from ‘good demand’ from owner-occupiers in the fourth quarter.
Mirvac today posted a $165 million bottom-line loss for the past financial year, down from a $906 million statutory profit in FY22.
While the result was driven by a drop in development revenue and asset revaluations, the development group’s underlying earnings remained fairly robust as Mirvac reported an after-tax operating profit of $580 million, down 3 per cent. Operating earnings before interest and tax (EBIT) of $767 million were down just 1 per cent.
During FY23, Mirvac settled 2,298 residential lots, which was higher than its revised settlement target of 2,200 lots.
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