Australian Westfield owner Scentre posts $2.6 bln H1 loss on virus hit

Published 25/08/2020, 09:46 am
© Reuters.
SCG
-

SYDNEY, Aug 25 (Reuters) - Scentre Group SCG.AX , owner of Westfield-branded malls in Australia, on Tuesday posted a A$3.6 billion ($2.6 billion) interim loss after cutting the value of its assets due to challenges for its retail tenants caused by the new coronavirus.

The owner of 41 Westfield malls said it swung to a net loss for the six months to June 31, from a net profit of A$740 million in the same period a year earlier, due to a A$4.1 billion downward revaluation of its assets.

The company did not declare an interim dividend, as previously flagged. ($1 = 1.3955 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.