Australand's profit dipped in the first half of 2013, and the property developer says months of takeover speculation have impacted the company.
But Australand forecasts a rise in earnings in the second half of the year, as several projects are completed and the proceeds from secured residential contracts are realised.
Australand received takeover offers from several companies after it told the market in January its major shareholder, Singapore-based real estate agency CapitaLand, was reviewing its stake in Australand.
But CapitaLand this week decided to retain its Australand stake, and the local property group said the takeover bids it received offered no substantial benefits.
"It did create a level of uncertainty for the business, however it's now behind us," Australand managing director Bob Johnston told analysts on Wednesday.
"There were a number of parties, we did receive a number of proposals but I'm not going to disclose which parties they were."
Australand's net profit fell 1.4 per cent to $88.4 million in the six months to June 30, from $89.7 million in the same period in 2012.
A weaker contribution from its residential apartment division, especially in south east Queensland, contributed to the profit fall.
But Mr Johnston is confident of a turnaround in the second half of calendar 2013, when a majority of residential contracts already secured are expected to settle.
Market conditions would remain challenging, but operating earnings are expected to grow by three to four per cent in the six months to December, he said.
"We do expect our full year earnings to be up on last year," Mr Johnston said.
Rents in its investment property portfolio are also expected to increase, and nine third-party projects are due to completed in Australand's commercial and industrial divisions.
Mr Johnston said demand for industrial property was strong, but demand for office space had softened.
Australand shares were down four cents, or 1.1 per cent, at $3.46 at 1256 AEST.
