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FDC swings to FY profit

Group pushes forward with cost control strategy to weather subdued retail market.
By · 19 Aug 2013
By ·
19 Aug 2013
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Federation Centres (FDC) expects to increase earnings per share to between 16.5 cents and 16.8 cents after swinging to a full-year profit, as it continues its strategy of cost control to weather a subdued retail market.

For the year to June 30, the commercial property group posted a net profit after tax of $212.65 million, compared to a $222.89 million loss in the seven-month period to June 2012 following its rebirth from Centro Ltd.

Full-year underlying earnings was $224.4 million, in line with analyst estimates.

Gross expenses of $297.5 million for fiscal 2011-12 were attributable to settlement of class action and litigation defence costs.

Revenue was also up, at $546.05 million compared to $318.29 million in fiscal 2011-12.

The group paid a final unfranked dividend of 7.5 cents per security, bringing the total dividend to 14.1 cents for the financial year.

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