Scentre 1st Half Net Profit Rises, Annual Guidance Unchanged

By David Winning

SYDNEY--Scentre said it remains on track to increase its earnings and distribution this year, shrugging off the impact of elevated inflation and a slowing economy.

Scentre, which owns and operates 42 Westfield branded shopping centers, reported a net profit of 403.9 million Australian dollars (US$272.6 million) in the six months through June, up from A$149.4 million a year ago. Funds from operations rose by 2.1% to A$568.2 million in the six-month period.

Management kept its annual guidance unchanged as hopes for an early cut in interest rates fade. Scentre expects funds from operations--a smoothed measure of operating cash flow that excludes depreciation, amortization and gains on asset sales--of between 21.75 Australian cents and 22.25 cents per security in the 12 months through December. If achieved, that would represent growth of up to 5.4% compared with 2023.

It also continues to forecast a distribution of at least 17.2 cents per security.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

August 20, 2024 18:47 ET (22:47 GMT)

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