Aug 21 (Reuters) - Australian residential developer Stockland Corp SGP.AX on Wednesday posted a nearly 70% drop in annual net profit, citing devaluations in its retail centre and retirement living portfolios in the midst of a steep downturn in the local property market.
Statutory profit for the year ended June 30 came in at A$311 million ($210.70 million), compared with a profit of A$1.03 billion a year earlier.
($1 = 1.4760 Australian dollars)