Property group Mirvac is not ruling out a play for rival Australand despite announcing a 69 per cent fall in profits.
Mirvac made a net profit of $55.2 million in the six months to December 31, down from $176.6 million in the previous corresponding period.
The company last week announced it would write down the value of developments in Queensland and Western Australia by $273 million, hitting Mirvac's net profit for the first half of the 2012/13 financial year.
But chief executive Susan Lloyd-Hurwitz declined to rule out making a play for Australand, as another property group GPT remains committed to snaring a major part of their rival.
"The whole sector is in play ... there are lots of opportunities across the market place," she told AAP on Thursday.
"We have a duty to look at all opportunities.
"We don't rule anything in or anything out."
With Queensland accounting for 72 per cent of the write-downs revealed last week, Ms Lloyd-Hurwitz expected residential sales and selling prices to stay subdued, or even decline, in that state.
"We're not expecting meaningful change for 18 months to two years," she said.
Mirvac's underlying performance was in line with expectations, and the company was on track to deliver its previously forecast full year operating earnings of about 10.7 cents per security.
The company declared an unfranked distribution of 4.2 cents per security, and expects to pay distributions of between 8.5 cents and 8.7 cents in the full year.
Ms Lloyd-Hurwitz said that while diminished consumer confidence could present a challenge in the retail and residential market, Mirvac was on track to meet its earnings guidance.
"It's certainly something we have to take into consideration," she said.