Australian Westfield owner Scentre posts $2.6 bln H1 loss on virus hit

Credit: REUTERS/DAVID GRAY

Scentre Group, owner of Westfield-branded malls in Australia, on Tuesday posted a A$3.6 billion ($2.6 billion) interim loss after cutting the value of its assets due to challenges for its retail tenants caused by the new coronavirus.

SYDNEY, Aug 25 (Reuters) - Scentre Group SCG.AX, owner of Westfield-branded malls in Australia, on Tuesday posted a A$3.6 billion ($2.6 billion) interim loss after cutting the value of its assets due to challenges for its retail tenants caused by the new coronavirus.

The owner of 41 Westfield malls said it swung to a net loss for the six months to June 31, from a net profit of A$740 million in the same period a year earlier, due to a A$4.1 billion downward revaluation of its assets.

The company did not declare an interim dividend, as previously flagged.

($1 = 1.3955 Australian dollars)

(Reporting by Byron Kaye; Editing by Kim Coghill)

((byron.kaye@thomsonreuters.com; +612 9321 8164; @byronkaye;))

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