Mirvac Group

Sydney based property investor group, Mirvac Group (MGR), announced that it expects to slash its dividends to its shareholders by 39 percent. Owing to the ongoing credit crunch in the global market, the company announced that the shareholders shall get a dividend of 20 cents a share in the fiscal year ending June 2009 as compared to last fiscal when they received 32.9 cents a share. It also announced that it expected a drop of nearly 24 percent in its earnings in its current earnings in the current year.

GPT Group was the overall worst performing stock taking in a 36.58 percent decrease. Among the worst performing stocks for the week 28 of 2008 on the Australian sharemarket were a mixture of real estate business and property management companies: GPT Group (GPT), Mirvac Group (MGR), Stockland (SGP), Macquarie DDR Trust (MDT). These worst performing stocks for week 28 of 2008 recorded losses above 17.39 percent and all of these companies were real estate companies.

Mirvac Group (MGR) was the worst performing shares on the among the shares listed on the ASX100 index (Loser of the Week for week 12 of 2007). The property development company lost 5.76 percent or 32 cents during the week to close at $5.24. The All Ordinaries closed the week at 5978.8 and the ASX200 index closed at 5995.