Centro Properties Group (ASX:CNP) has reported an annual loss of $652.7 million, an 81 per cent improvement from a loss of $3.5 billion last year, yet warns significant challenges remain for the shopping centre manager.
CEO Robert Tsenin says the improvement is because of lower property devaluations and the positive impact of the appreciation of the Australian dollar against the US dollar.
Underlying profit fell 24 per cent to $173.8 million, Mr Tsenin says as a result of both reduced property investment and services business income.
Property investment income for the year dropped 15 per cent to $253 million and services business income decreased by 26 per cent to $222 million.
Centro Properties Group did not declare a dividend in the 2010 fiscal year and did not declare a dividend in the previous two years either.
CNP Price at posting:
16.0¢ Sentiment: None Disclosure: Held
