Vicinity Centres halt plans to sell malls

Company News

by Rachael Jones

Vicinity Centres (ASX:VCX) today announced its results for the 12 months to 30 June 2019, showing a net profit after tax of $346.1 million for the year, a drop from the previous year's $1.2 billion profit.

Wholesale fund Vicinity Keppel Australia Retail Fund (VKF) and further divestments will not proceed.

The company has 66 retail assets under management, with a combined value of $26.6 billion, which generated $17.4 billion in annual sales.

Funds from operations are at $689.3 million, or 18.0 cents per security reflecting 2.0 per cent comparable growth.

Shares in Vicinity Centres (ASX:VCX) are trading 1.58 per cent lower at $2.49.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.