Mirvac Group reports $805m full-year loss due to office portfolio value decline.
Mirvac Group, a property developer, reported a full-year loss of $805m due to a fall in its office portfolio value and challenging market conditions. Despite the loss, the company is positioning itself for the next property cycle, focusing on enhancing cash flow resilience, maintaining balance sheet strength, and growing third-party capital relationships. Mirvac targets operating earnings of 12-12.3 cents per security for the 2025 financial year, with a distribution of 9 cents per security.
August 07, 2024
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