Stockland (SGP) Downgraded Its Annual Earnings Guidance
Stockland is a property trust which invests and manages in retail and commercial properties in Australia and is a member of the S&P/ASX 200.
The Group also provides property development and management services, hotel management services and other related services including financing.
Stockland downgraded its annual earnings guidance from 31.6 cents to 30.5 cents per stapled security.
The company is blaming deterioration in the residential housing market and wet weather.
CEO Matthew Quinn said “the recovery is likely to be slow unless we see a reduction in bank interest rates to improve affordability and buyer confidence.”