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Federation Centres Posts Profit on Property, Fund Management

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Feb. 22 (Bloomberg) -- Federation Centres, the shopping mall operator formerly known as Centro Retail Australia, reported a profit in the first half driven by growth in property and fund management income.

Net income was A$115.9 million ($119 million) in the six months ended Dec. 31 from a loss of A$100.1 million a year earlier, the Melbourne-based shopping mall operator said in a statement today. The company began trading on Dec. 1, 2011.

Federation’s shareholders last month approved a plan to change its name from Centro Retail Australia, which it took on temporarily when it was formed from the restructure of Centro Properties Group. The company has sold interests in its malls to capital partners, including the sale this month of 50 percent stakes in five shopping centers to fund management firm Industry Superannuation Property Trust.

“We’re now on a clear path to deliver our strategic agenda,” Steven Sewell, chief executive officer of Federation Centres, said in the statement today. “We are progressing with the strategic objective to take advantage of redevelopment opportunities.”

The company reported underlying earnings, which excludes items including property revaluations, of A$106.2 million in the half. It will pay a dividend of 6.6 Australian cents for the half, it said today.

Federation shares have climbed 4 percent this year, compared with a 7.1 percent gain in the benchmark S&P/ASX 200 index.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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