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AUSTRALIA'S MIRVAC FORECASTS PROFIT DOWNTURN.

AsiaPulse News

| November 01, 2001 | COPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, Nov 1 Asia Pulse - Australian property developer Mirvac Group (ASX:MGR) has said that it's hotel business was likely to see a decline in profits in the current fiscal year, but that the losses should really balanced out by ongoing growth in property investments.

At the group's annual general meeting, chairman Adrian Lane said Mirvac expected to achieve improved profit results in 2001/02 financial year.

"Despite the events of September 11 and the Ansett collapse the group is on track to deliver an improvement on the profit achieved in 2001," Mr Lane said.

However, ...

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