Scentre Group Reports $3.6 Billion Loss As COVID-19 Affects Rental Income

Scentre Group (ASX:SCG) posted a statutory loss of $3,613 million for the six months to 30 June 2020 after reducing the value of its assets due to challenges faced by retail tenants and COVID-19. Some of the highlights include:

  • Statutory result included an unrealised non-cash reduction in property valuations of $4,079 million
  • Operating earnings and funds from operations stood at $361 million and $362 million on 30 June 2020, and fell by 43.7% and 46% on pcp respectively
  • Scentre Group collected 70% of its gross rental billings for the first 6 months increasing to over 80% in June and July

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