CER 0.00% 32.0¢ centro retail group

certainly better than recent days

  1. 945 Posts.
    CERtainly better than recent days
    Last Price: $ 0.414 Change (+/) +$0.100 Change (%) +32.26%
    Centro Retail Group (CER) today announced a net loss in the six months ended Dec of $260.8 million, compared to a profit of $41.9 million for the corresponding period last year.

    CER’s 1H sales actually rose 34% to $66.2 million and operating profit increased 6.2% to $105.1 million. However, the gremlins that turned the above results into a bottom-line loss were a reduction in U.S. retail property values and losses on interest-rate derivatives.

    Due to the negative result, CER said it would not pay an interim dividend. CER paid a 6.3 cent distribution this time last year.

    Centro Retail Group rose 30%, which in turn helped its parent company Centro Properties Group (CNP) climb 15% today.

    In related news, it has been reported that there are at least four bidders competing for a controlling stake in CNP. The rumoured bidders are private equity firm Blackstone Group, the real estate arm of US conglomerate GE, Australia’s Mirvac (MGR) and Malaysia’s Mulpha

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