Mirvac (ASX:MGR) reaffirms FY20 EPS guidance

Mirvac (ASX:MGR) has reaffirmed its full year EPS guidance, the company says it has maintained momentum from FY19, building on the solid metrics reported at the full year and setting the foundations for another strong year ahead.

In its first quarter update the property developer says it’s on track to hit its operating earnings per share guidance of between 17.6c to 17.8c per stapled security for FY20, representing an increase in earnings of between 3 to 4 per cent.

Mirvac continues to expand its Industrial portfolio, as well as establish its build to rent offering. 80 per cent of the Group’s capital is now allocated to the Sydney and Melbourne markets which the group believes continues to show positive fundamentals.

The company has experienced an uptick in enquiries in its residential business which it expects to translate into sales volumes in due course.

Shares in Mirvac (ASX:MGR) closed 1.93 per cent higher at $3.17 yesterday.

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Source: Finance News Network