Scentre Group (ASX:SCG) collects $183M in rent over August

• Westfield operator Scentre Group (SCG) has collected $183 million in rent over August 2020
• This represents 86 per cent of monthly gross rental billings
• It is a four per cent increase from the previous month and over triple the amount received over April
• The group said it will provide an update on the September quarter’s performance in early November
• At market close, Scentre Group is up 4.13 per cent, trading for $2.27 per share

Westfield operator Scentre Group (SCG) has collected $183 million in rent for August 2020.

This represents 86 per cent of monthly gross rental billings. It is a four per cent increase from the previous month and over triple the amount from April.

“As part of the half-year to June 30 results presentation, the group referred to the trajectory of cash collections for the August month,” the company explained.

“Today’s announcement confirms the actual amount collected,” it added.

The group said it will provide an update on the September quarter’s performance in early November.

Last month, Scentre reported a $3.66 billion loss in the first half of 2021. The company saw its revenue drop to $1.09 billion in June, which is a 16 per cent decrease compared to the same time last year.

While the retail realtor managed to bring in $1 billion in revenue, its profit margins were heavily impacted by the COVID-19’s impact on tenants.

In 2019, the company recorded $740 million in profit, but 12 months later it posted a $3.66 billion loss.

It comes as many retailers were forced to shut their doors as the pandemic kept shopper indoors and online.

At market close, Scentre Group is up 4.13 per cent, trading for $2.27 per share.