Sunday, March 7, 2021

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Vicinity Centres: Reports $394M loss in H1 FY21

  • Shopping mall owner Vicinity Centres (VCX) significantly impacted by COVID-19, recording a statutory net loss after tax of $394.1 million for H1 FY21
  • This marks a u-turn from its previous statutory net profit of $242.8 million in H1 FY20
  • Net property income totalled $344.4 million, which is down nearly $95 million from H1 FY20
  • During the half, Vicinity had to close the majority of its Melbourne stores for more than half the period
  • Business across its CBD stores impacted due to office staff working from home and limited tourism arising from border closures
  • Due to the ongoing uncertainty arising from COVID-19, Vicinity cannot provide its full-year earnings for FY21

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