Stockland Posts H1 Loss, Lowers Forecast

Stockland Group (OTC:

) reported a loss in the first half and cut its annual earnings forecast. Stockland posted a net loss of 147.1 million Australian dollars (US$151.6 million) for the six months to December 31, versus a year-ago profit of A$307.6 million. Stockland now expects full year earnings to drop 20% to 25% on the prior year. Its underlying profit declined 26% to A$255 million, versus estimates of A$254 million. Stockland shares closed at $3.65 yesterday.