Shopping Centres Australasia Property Group Limited
(ASX:SCP) is reporting a 128 per cent jump in first half profit on the back of positive revaluations of the property portfolio and reduced vacancy rates.
Funds from operations were up 12.5 per cent at $37.8 million as acquisitions lifted the value of investment properties by $98.4 million.
Comparable sales store growth is up by 4.2 per cent in Australian supermarkets and 5.2 per cent in New Zealand while speciality stores lifted by 3.8 per cent.
SCP Group says that it will now focus on optimising its shopping centres and maximising rental renewals as well as developing $100 million worth of improvements throughout its portfolio.
Full year guidance was confirmed.
Shopping Centres Australasia Property Group Limited
(ASX:SCP) delivered a profit of $111.6 million in the 2014 financial year.
