Region Group swings to first-half profit
Make us a preferred source
Make us a preferred source on Google
The news: Shopping centre owner Region Group recorded net profit after tax of $81.8 million for the first half of FY25, swinging from a loss in the prior corresponding period. It also reaffirmed its full-year earnings guidance.
The numbers: Region Group's first-half profit followed a net loss of $35 million a year earlier.
Region's funds from operations (FFO) of 7.6 cents per share and adjusted funds from operations (AFFO) 6.7 cents per tracked full-year guidance of 15.5 cents and 13.7 cents respectively.
Region's assets under management increased 8% half over half to $5.2 billion. Portfolio occupancy was flat at 98.1%.
Region will pay an interim distribution of 6.7 cents, having failed to declare a half-year distribution a year earlier.
The context: Region, which operates shopping malls across Australia, said that the "resilient Australian consumer" and declining retail floorspace per capita should continue to drive opportunities in the group's existing centres. However, it noted that it will maintain a disciplined approach to acquisitions and divestments.
The source: ASX announcement
