Shopping Centres Australasia Full Year profit falls 45 per cent

Company News

by Anna Napoli

Shopping Centres Australasia Property Group (ASX:SCP) has announced its net profit after tax (NPAT) dropped about 45 per cent on FY17 to $175 million for the 2018 financial year.

Revenue strengthened over the period, and lifted 1.9 per cent on FY17 to $215 million (in preliminary terms).

Its earnings before interest and tax (EBIT) decreased from about $350 million for the prior year to $206 million.

The company declared total distributions of 13.9 cents per share for FY18.

The final distribution of 7.1 cents will be paid out on the 30th of August 2018.

The property group says the fall in profit primarily reflects a smaller increase in property values compared to the prior year.

Shares in Shopping Centres Australasia (ASX:SCP) closed closed 1.67 per cent higher to $2.44.