Australia's Mirvac jumps most in 16 months as half-year loss narrows

Mirvac

08/02/2024 24:17

(Adds details and comments by Citi)
    ** Shares of Mirvac Group  MGR.AX  rise as much as 6.1% to
A$2.27, their biggest intraday pct jump since Oct 4, 2022
    ** Stock hits highest level since Sept 18 
    ** The property investment firm posts HY loss attributable
A$201 mln ($131.13 mln), compared with loss of A$215 mln last yr
    ** HY total revenue and other income was A$1.26 bln, up from
A$855 mln last year 
    ** However, HY operating profit falls 17% YOY to A$252 mln 
        ** This implies an EPS of 6.4 AU cents, 10% below
consensus estimates of brokerage Citi
    ** We believe the strong positive (market) reaction at open
could fade towards the end of the day given the weaker
residential sales result - brokerage 
    ** Stock up 2.4% this year as of last close


    ($1 = 1.5328 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))