Business
Westfield half-year results: Westfield owner Scentre chalks up $3.7b loss after mall write-downs – The Australian Financial Review
Scentre’s result is a staggering 416.4 per cent reversal of the previous year’s profit, driven by a property valuations reduction of $4.2 billion.
Shopping centre landlord Scentre, the operator of Westfield malls, has posted a 42.5 per cent plunge in its 2021 annual earnings to $766.1 million, after the pandemic disruption ate into its rent collection.
That decline is reported in Scentres funds from operations, the earnings metric preferred in the property sector. Its statutory result was a $3.7 billion loss, a staggering 416.4 per cent reversal of the previous years profit, driven into the red after taking into account the book reduction…
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