Sunland Consider Share Buy-back Following Asset Write-down
In the aftermath of Monday’s 20% drop in share price, Sunland have hinted at a share buy-back in the near future. This news reversed the negative market sentiment, with Sunland shares up 15% over Tuesday and Wednesday.
Cashed-up, and still on track to reach the forecast record underlying profit of $109m for 2008-09, the share slide was sparked by the announcement that the company would write down over $40m in property assets this year, and cut interim dividends by over half.
Tags: Asset Write-down, business, Facts & Stats, finance, gold coast, news, property, real estate, share buy-back, Sunland
