On September 24, 2018, Vicinity Centres (ASX: VCX), issued a press release which states the updates regarding the change in the company’s management wherein Ms. Michelle Brady has resigned as a Company Secretary of the company. In turn, the Board of Directors has been appointed Ms. Jacqueline Jovanovski as a Company Secretary on the same date.
In FY 2019, Vicinity Centres expects to divest from its balance sheet the assets of amounting $2 billion. In FY 2018 ending on June 30, 2018, the company recorded statutory net profit amounting to $1218.7 million post tax on the back of an increase in the valuations as well as positive momentum in the company’s performance. The company’s FFO or funds from operations amounted to 18.2? per security in FY 2018 which reflects the YoY increase of 1.1%.
However, after adjusting divestments as well as acquisitions’ impact the YoY increase was 2.2%. The positive momentum was witnessed on the back of performance of the portfolios, development projects which have been completed as well as because of the share-repurchase program. In FY 2019, the company expects to deliver FFO per security in the range of 18 ? - 18.2 ?. In FY 2019, the company has given the forecasts in the range of $80 million- $90 million in regard to the incentives and capital expenditure or CapEx.
With this news, the stock climbed up 1.504 percent on ASX with the intra-trading volume of more than 4.1 Mn. The stock traded at $2.70 with the market-cap of circa $10.3 Bn as on September 24, 2018 (AEST – 04:00 P.M.).
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