SYDNEY, Aug 18 (Reuters) - Australia’s No. 2 property group Stockland Corp Ltd on Monday posted a 12 percent rise in underlying net profit on the back of positive residential market conditions.
Earnings came in at A$555 million ($517 million) for the year ended June 30, up from A$495 million a year ago. Revenue rose 11.5 percent to A$1.92 billion.
Stockland said while global economic growth had “generally improved” over the past 12 months, it was unlikely to return to long-term trend levels in the near term.
1 US dollar = 1.0735 Australian dollar Reporting by Byron Kaye; Editing by Richard Pullin