Scentre FY profit falls but income improves

Westfield shopping centres owner Scentre Group has reported full-year profit dropped 41 per cent due to unrealised changes in property values.

The property valuation decrease of about $1 billion was the main reason for Scentre's net profit after tax falling to $174.9 million.

However the picture was much rosier when this item was removed. Net profit after tax was up 16 per cent to $1.06 billion. 

Chief executive Elliott Rusanow said business partner sales rose 6 per cent to $28.4 billion in the 12 months to December 31 compared to the prior period.

Investors will receive a distribution of 16.6 cents per security. This is more than the 15.75 cents per security paid this time last year.

Scentre Group has four assets across 315,999 square metres of gross lettable area in Western Australia, including Westfield Innaloo, Carousel and Whitford City. 

It also owns Westfield Booragoon with institutional giant Dexus, where a $793 million expansion was approved last year. 

Mr Rusanow said visitations to its 42 centres across Australia and New Zealand was 512 million, up 32 million or 6.7 per cent on 2022. 

Scentre Group shares on the ASX were up 3.19 per cent to $3.08 at the time of writing.