August 20, 2018 / 10:42 PM / a month ago

Australia's Scentre posts 3 pct rise in underlying half-year profit

Aug 21 (Reuters) - Australian shopping mall owner Scentre Group said on Tuesday its underlying half-year profit rose 3 percent as a strategy of revamping assets to offset a slowdown in brick-and-mortar retail paid off.

Funds from operations (FFO), the primary earnings metric of the company, came in at A$657.2 million ($480.81 million)compared to A$638.1 million the previous year.

This was higher than the average forecast of A$646.6 million according to Thomson Reuters I/B/E/S. ($1 = 1.3669 Australian dollars) (Reporting by Nikhil Kurian Nainan and Devika Syamnath in Bengaluru Editing by Byron Kaye and James Dalgleish)

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