Mirvac (ASX:MGR) delivers strong Q3 FY22 results; reaffirms EPS

3 min read | April 28, 2022 01:00 PM AEST | By Ritwika

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Mirvac (ASX:MGR) delivers strong Q3 FY22 results; reaffirms EPS — Image source: © Jirsak | Megapixl.com

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Highlights:

Mirvac has maintained its operational momentum during Q3 FY22, despite facing several challenges.

As a result, the company could reaffirm its EPS for FY22.

The company further expects to deliver better results in the upcoming quarter as circumstances improve.

The shares of Mirvac Group (ASX:MGR) traded 0.84% higher at AU$2.4 per share at 10:45 AM AEST on the ASX today (28 April). Approximately 952,000 shares of Mirvac were traded after the stock market opened for trading on Thursday morning.

The ASX-listed real estate company shared updates from its Q3 FY22 operations with its shareholders today.

The share price of Mirvac has fallen by more than 9% on the ASX over the past 12 months. On the other hand, Mirvac's year-to-date share price also fell by 20% at 10:45 AM AEST on the ASX today (28 April).

Details of Mirvac's Q3 FY22 operations:

According to Mirvac's quarterly operational update for the Q3 FY22, the company reported 2,332 residential sales FYTD, including an increase in pre-sales to AU$1.6 billion. Mirvac also settled 1,645 residential lots FYTD with a target to settle more than 2,500 lots in FY22.

The company also executed 247 leasing deals across 75,600 square metres in the given period in the Integrated Investment Portfolio (IIP). Mirvac also managed to maintain high occupancy in IIP at 97.1% during Q3 FY22.

Cash collection also improved in the Q3 FY22 to 94% as it experienced COVID-19 related restrictions in Sydney and Melbourne.

The board of Mirvac also reported that the company made progress with its AU$29 billion development pipeline. In addition, Mirvac has further successfully leased its 80 Ann Street in Brisbane and initiated the industrial development in Auburn worth AU$277 million. Furthermore, Mirvac also maintained its pre-construction momentum at Aspect Kemps Creek.

Mirvac has reaffirmed its operating earnings per share (EPS) guidance for FY22 to 15 cents per share after releasing the Q3 FY22 operational updates.

Read more: Mirvac Group (ASX:MGR): Why is this real estate giant gaining since last one year?

Management commentary:

Image source: © Lovelyday12 | Megapixl.com

The CEO and Managing Director of Mirvac, Susan Lloyd-Hurwitz, believes that the company managed to deliver strong performance in Q3 FY22 despite facing COVID-19 impacts, extreme weather conditions and geopolitical crisis. This was only possible due to Mirvac's 'integrated and diversified model', said Susan.

Susan further informed that Mirvac experienced heavy sales across its residential master-planned community business. The company already improved its cash collection in the given quarter. It is further expected to gather pace as the domestic and international borders have reopened now.

About Mirvac:

Mirvac Group is an ASX-listed real estate company established in 1972 with its headquarters in Sydney. The company deals with the business of property asset management, third-party capital management, real estate investments, etc.

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