Scentre Group (ASX:SCG) has posted its full year results ending 31 December 2016.
Australia’s largest retail landlord reported that its net profit after tax rose 10.4% to $2.99 billion, compared to the previous year. This result takes into account a $1.6 billion upwards revaluation to its property portfolio.
However, its revenue fell during the period – by 12.1% to $2.52 billion.
As for Scentre’s funds from operations (FFO), that rose by 3.2% to $1.24 billion, and its total assets under management are now worth $45.7 billion.
Scentre declared a final dividend of 21.3 cents per share, in line with guidance.
Last year, the Group completed and opened $665 million worth of redevelopments, which include Westfield Warringah Mall, NSW, and Westfield North Lakes, QLD.