Diversified property group Sunland Group Ltd has warned its profit for the full year and interim dividend will be lower as the global financial crisis hurts the property sector.
Sunland's guidance of net profit after tax (NPAT) for the 2009 financial year was reduced from $109 million to $74 million.
The group says it will distribute an interim dividend of three cents per security full franked.
Last August, the company had intended to distribute a 15 cent dividend for financial year 2009.
"The group is on track to achieve a full year operating profit of $109 million, however the board and management felt it was prudent to provide provisioning for its development portfolio in view of the current global crisis," Sunland said.
The group is also exploring the possibility of a share buyback.
"These actions represent prudent and responsible management within the current market," the group said in a statement.
The net profit for the half year is expected to be in line with the prior period which was $59.8 million.
At 1347 Sunland shares were eight cents or 11.03 per cent lower at 64.5 cents.
