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Mirvac Profit More Than Doubles on Properties, Office Unit

Mirvac Group, Australia’s third-biggest diversified property trust by assets, said full-year profit more than doubled after high occupancies boosted income at its office division and the value of investment properties rose.

Net income rose to A$416.1 million ($436 million) in the 12 months ended June 30, from A$182.3 million a year earlier, the Sydney-based company said in a statement to the Australian stock exchange today. The forecast was for a profit of A$362.5 million, according to the average of 12 analyst estimates compiled by Bloomberg.

“Since 2008, we have been unwavering in our focus to simplify the group’s operations,” Managing Director Nick Collishaw said in the statement. The result “highlights the progress that has been made.”

Mirvac shares fell 1.6 percent to A$1.3475 as of 12:43 p.m. in Sydney, paring this year’s gain to 14 percent, compared with an 8.1 percent gain in the benchmark S&P/ASX 200 Index.

The group said last week that Collishaw will step down on Oct. 31 and will be replaced by Susan Lloyd-Hurwitz. It earlier appointed Greg Dyer as finance director, replacing Justin Mitchell, who will leave the company on Oct. 1.

Mirvac, which raised A$300 million from the sale of its hotels division in May, will sell about A$200 million of assets that don’t meet its forecasts or strategy every year, Collishaw said in a telephone interview.

The company, which tested interest for the 50 percent it holds in the Travelodge Fund -- co-owned by Insurance Australia Group Ltd.’s NRMA unit and managed by Toga Hotels -- is now “comfortable sitting on the returns” from the fund, Andrew Butler, Mirvac’s chief executive officer for investments, said in the interview. He declined to say if Mirvac had received an offer from NRMA for the stake.

Mirvac will pay a dividend of 8.4 Australian cents for the year, it said.

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