Mirvac Released H1 FY19 Interim Report

February 07, 2019 11:15 PM AEDT | By Team Kalkine Media
 Mirvac Released H1 FY19 Interim Report

Mirvac Group (ASX:MGR) is a chief, integrated urban property group, primarily situated in Australia's four key urban communities of Sydney, Melbourne, Brisbane and Perth. It possesses and oversees resources over the workplace, industrial and retail segments, with roughly $21bn of benefits under its management. Its development exercises enable MGR to make and deliver creative and excellent business resources and private networks for their clients while driving long term value incentive for its stapled security holders.

Their incorporated methodology gives them an upper hand over the whole lifecycle of a venture; from arranging through to structure, improvement and development, renting, property the executives and long-haul proprietorship. In the interim, their motivation, Reimagine Urban Life, rouses them to consider how we can reclassify the urban scene and make progressively reasonable, associated and lively situations for our clients, leaving an enduring inheritance for the future generations.Â

MGR was set up in the year 1972 and has forty-seven years of practice in the property business and a great reputation for producing superior items and services throughout their businesses.

Mirvac’s office portfolio is 60% of their total investments, and 95% of its office portfolio are A-grade assets. Most of its operation highlights MGR’s strong presence in the Sydney and Melbourne market. Its industrial and office division reported an increase of 40.2% to $265 mn on December 31, 2018. It reported occupancy of 97.2%. Its leasing activity of over 66,000 square meters has been completed, and at the end of the year 2018, it has progressed 84.3% on its $3.0 bn office development pipeline. Some of its new acquisitions include Australian Technology Park, Sydney and 477 Collins Street, Melbourne and 80 Ann Street, Brisbane and 383 La Trobe Street, Melbourne.

In its industrial portfolio, occupancy remained at 100%. It reported a growth rate of 10.3% through its net operating income. Its leasing activity of more than 50,600 square meters has been completed, and it has entered into the agreement to acquire a 244-hectare industrial estate in Western Sydney.

Mirvac showed a good result for H1 FY2019 due to its focus on urban strategy, capital management, and improved capabilities. Its profit increased by 39% to $648 mn on December 31, 2018, from $465 mn on December 31, 2017. Its operating profit after tax increased by 26% and had reported operating cash inflow as $167 mn which is better than the previous year. Its net tangible assets per staple security increased by 6%.

It reported enough liquidity of $570 mn in cash, and its weighted average debt maturity stands at 6.1 yrs, including the issue of $430 mn debt within H1 FY2019. The company’s average borrowing cost reduced to 4.5% on December 31, 2018, from 4.8% on December 31, 2017. It completed its shares buyback worth $130 mn for its 58 mn shares. It received fitch rating of “A “, a stable outlook and “A3” rating from Moody's investor services.

On stock information, Mirvac Group last traded at A$2.540 (up by 3.252% as on February 7, 2019) with the market capitalisation of A$9 bn. Its current PE is 8.370x. Its 52 weeks high has been noted at A$2.560 and 52 weeks low at A$2.005. Its absolute return for 3 months, 1 year and 5 years are 13.89%, 22.39%, and 48.64% respectively.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.