Scentre Group (AXS:SCG) report a full-year loss of $3.7 billion

Company News

by Rachael Jones

Scentre Group (AXS:SCG) report a full-year loss of $3.7 billion, from a profit of $1.18 billion a year ago.

The group owns and operates nearly 40 Westfield branded shopping centres.

The result was pulled down by a reduction in property valuations of $4.25 billion.

Total in-store sales were up 2.7 per cent for the 2 months to December and 3.5 per cent lower for the year.

Demand for space across Westfield Living Centres remains strong with the portfolio 98.5 per cent leased at 31 December 2020.

The Group completed 2,625 lease deals during the year, including 848 new merchants.

Shares in Scentre Group (AXS:SCG) are trading 1.1 per cent higher at $2.90.