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Australian property development company Stockland (SGP.AU) Wednesday reported fiscal 2012 net profit fell 35% on the year, and warned that earnings per share in fiscal 2013 could be lower than fiscal 2012.

The company said in a statement net profit for the 12 months to June 30 was 487 million Australian dollars (US$513.7 million), down from the previous period's A$754.6 million.

Stockland said the profit fall was due mainly to adjustments to financial instruments.

Revenue for the company was A$2.22 billion, down 21% on the year.

It said fiscal 2013 would be a difficult year, with ongoing residential market headwinds and the new housing market remaining soft.

"As a result, short-term earnings outlook remains highly uncertain and, unless residential market conditions improve significantly within the next few months, fiscal 2013 EPS (earnings per share) is likely to be lower than fiscal 2012," the company said.

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(Data as of 2013-05-21 2:10 EDT)

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