Shopping Centres Australasia (ASX:SCP) increases profit

SCA Property Group (ASX:SCP) has reported statutory net profit after tax of $90.2 million for the six months to December 31, a rise of 130 per cent compared to the same period last year.

The gain came on the back of its investment property valuation increase.

Funds From Operations (FFO) of $78.5 million, up by 19.1% per cent on the same period last year.

Funds from operations per unit were up 4.2 per cent to 8.44 cents. 

The company says its investment property portfolio is now worth $3.2 billion, up by $85.8 million since 30 June 2019, largely due to acquisitions, development expenditure and like-for-like valuation uplift.

SCA has announced a distribution of 7.50 cents per unit is up by 3.4 per cent.

Shares in SCA Property Group (ASX:SCP) are trading 2.27 per cent higher at $2.93.
 
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Source: Finance News Network