August 20, 2019 / 11:40 PM / a month ago

Australia's Stockland reports 70% drop in annual profit

Aug 21 (Reuters) - Australian residential developer Stockland Corp on Wednesday posted a nearly 70% drop in annual net profit, citing devaluations in its retail centre and retirement living portfolios in the midst of a steep downturn in the local property market.

Statutory profit for the year ended June 30 came in at A$311 million ($210.70 million), compared with a profit of A$1.03 billion a year earlier.

$1 = 1.4760 Australian dollars Reporting by Shreya Mariam Job in Bengaluru; Editing by Bernard Orr

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