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- Scentre Group (SCG) has seen its share price drop today after reporting a loss of over $3.7 billion in FY20
- This loss primarily comes from a $4.2 billion reduction in property valuation during the year
- Pleasingly though, the shopping centre retailer ended the 12 months to December 31 with an operating profit of $763.4 million and gross operating cash inflow of $2.35 billion
- As of December 31, 98.5 per cent of the space across Westfield Living Centres was leased with Scentre completing more than 2600 lease deals during the year
- Additionally, the company completed the construction of a new dining area at its Westfield Doncaster store in Victoria with 14 new restaurants added
- Scentre is down 1.92 per cent and shares are trading at $2.82
Scentre Group (SCG) has seen its share price drop today after reporting a loss of over $3.7 billion in FY20.
This loss primarily comes from a $4.2 billion reduction in property valuation during the year.
Pleasingly though, the shopping centre retailer ended the 12 months to December 31 with an operating profit of $763.4 million and gross operating cash inflow of $2.35 billion.
Scentre did not receive any financial support from the Australian and New Zealand governments, including the JobKeeper program.
Operations
As of December 31, 98.5 per cent of the space across Westfield Living Centres was leased with Scentre completing 2625 lease deals during the year.
Of this, 848 include new merchants.
Throughout the year, Scentre successfully completed the construction of a new dining area at its Westfield Doncaster store in Victoria with 14 new restaurants added.
The $50 million project at Westfield Carindale in Queensland was completed and projects at Westfield Belconnen in the ACT and Westfield Hornsby in NSW were completed.
Finally, in December, Scentre was appointed by Cbus Property to design and construct a residential and commercial tower in Sydney’s CBD.
“2020 was a challenging year and I am proud of how our people adapted to the conditions, leading the industry and our business,” CEO Peter Allen commented.
“We remain customer-obsessed and focused on delivering what the customer wants. We will continue to innovate in how Scentre Group provides the best and most efficient platform for retail and brand partners to connect with the consumer,” he added.
Scentre is down 1.92 per cent and shares are trading at $2.82 at 1:10 pm AEDT.
