Scentre Group posts $2.99B profit in FY16

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.