The market was hardly overwhelmed by the third quarter update from property developer and shopping centre operator Mirvac Group.
Interestingly, the company seems to be punting on a recovery in the CBD office sector.
In the update the company reaffirmed its profit and earnings guidance for the 2011 financial year, saying it remains "on track" to deliver earnings growth of between 12% and 14%.
The developer reaffirmed its full-year 2011 net profit after tax (NPAT) and earnings per share (EPS) guidance of 10.4c to 10.6c per stapled security.
The shares rose 1.5c to $1.225, in a market up around half a per cent.
The company told the ASX that it sees "continued contribution from commercial development earnings and momentum maintained via residential pre-sale launches".
"We remain on track to deliver strong earnings growth of between 12 to 14 per cent," Mirvac managing director Nick Collishaw said in yesterday’s statement.
"Mirvac remains focused on our two core divisions, with our development division focused on increasing its return on invested capital, whilst in the investment division, optimising the earnings of our portfolio.
"Mirvac will continue to consider a security buyback funded by asset sales, if this represents the highest and best use of capital."
Mr Collishaw said the Mirvac Property Trust had been strategically positioned with an asset allocation of 57.2% and approximately $1.4 billion of office assets under development.
"Overall, prime CBD office capital values rose 4.8 per cent over the year to March 2011 versus a rise of 5.25 per cent in 2010," Mr Collishaw said.
"We expect to see continued steady rises through 2011 and 2012."
He said $1.1 billion of pre-sales contracts had been exchanged on December 31, 2010, up 30%.
The Mirvac Property Trust recorded like-for-like net income growth of 4.2% and a high portfolio occupancy rate of 98.2%.
The company says it remains "on track" to achieve 1,700 lot settlements by full year 2011.
And Macarthur Coal had lifted its annual profit guidance after selling part of its stake in the Codrilla coal deposit in Queensland for $74.9 million.
Macarthur said yesterday in a statement that it has selected Codrilla as its fourth mine project over the Willunga project because it matches existing port capacity and would benefit from existing infrastructure.
As a result net profit for the year to June 30 is expected to be between $240 million and $260 million, up from previous guidance of $185 million to $205 million as a consequence of the sale.
It has sold 13.8% of its interest in Codrilla to the Moorvale Joint Venture, reducing its holding to 73.3% from 85%.
The shares rose 6c to $11.49.
The update was released on Monday.
