Vicinity Centres (ASX:VCX) increases Moving Annual Turnover

Company News

by Rachael Jones

Vicinity Centres (SAX:VCX) has increased its moving annual turnover during the March quarter by 1.6 per cent despite sales during the month of March declining.

Specialty store and mini majors increasing by 0.6 per cent, while supermarkets increased by 6 per cent.

Sales variance for the month of March across the portfolio was down 16.5 per cent on the prior corresponding period, with specialty store and mining majors down by 31 per cent, with supermarkets increased by 22.2 per cent.

Chief executive Grant Kelley says "We withdrew earnings and distribution guidance in March given the uncertainty around the impact of COVID-19 to our operations".

The company has $1.3 billion of cash balances and undrawn facilities.

Shares in Vicinity Centres (SAX:VCX) are trading 2.89 per cent lower at $1.34.

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.