Scentre Group (ASX: SCG) – Stock price dip despite rise in profit

Scentre Group released its results for the half year to 30 June 2018 and the performance entailed Funds from Operations to be $657.2 million, indicating a 3.1% rise to 12.38 cents per security and 2% growth in distribution of 11.08 cents per security.

With the strong portfolio of shopping centres in Australia and New Zealand, Scentre Group reported 6.5% growth in revenue to $1.28 billion. Profit for the half year was $1.46 billion, up 3.6%, including property revaluation uplift of $966 million during fiscal FY18.

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The comparable net operating income (NOI) has grown by 2.5% and the group has benefited from high quality retail space with traffic flow and occupancy over 99.5%.

The group has shown valuable development in its portfolio with a solid progress. Scentre group’s total assets of $37.6 billion have been reported, as at 30 June 2018.

SCG share price dropped 2.098% to $4.2 despite posting 3.6% growth in FY18 profit.

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