Business
Vicinity Centres posts $1.8 billion loss due to coronavirus – NEWS.com.au
Vicinity Centres posts $1.8b loss due to coronavirus denting the value of its commercial property
Shopping mall owners Vicinity Centres has reported a massive financial haemorrhage as the economic downturn caused by COVID-19 has drastically reduced the value of its commercial property portfolio. The co-owners of Melbourne’s iconic Chadstone shopping mall posted a net loss of $1.8 billion for the 12 months ending June 30, a 620.4 per cent decline from the recorded profit in financial year 2019.
Vicinity Centres in its update to the Australian Stock Exchange flagged it would not issue a final…
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