Australia’s Stockland says H1 profit boosted by home prices

Feb 21 (Reuters) – Australian diversified property developer and landlord Stockland Corp Ltd said on Wednesday its first half underlying earnings rose 18 percent, buoyed by strong real estate prices in Sydney and Melbourne.

The real estate company said half-year funds from operations – the primary earnings measure for the company – rose to A$436 million ($343.61 million) from A$369 million a year ago, beating estimates of A$378.6 million, according to three analysts polled by Thomson Reuters I/B/E/S.

Half-year revenue from ordinary activities grew to A$1.34 billion from A$1.17 billion a year ago, Stockland added. (Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Byron Kaye)

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