centro to distribute dividends, page-7

Wouldn't Centro only pay tax on the income if they made a profit for the year? This does not look likely based on the half yearly loss (would need a massive revaluation of properties upward and profit on sales of assets).

If they did pay tax wouldn't it be franked when it came to stockholders?

Or as the Gob says, as they are trusts they have to pay out.

Any comments/help understanding this?

The thing everyone seems to have forgotten about asset sales is that this is normal Centro business practice of recycling assets - they buy an asset, then try to flog off some to retail investors and wholesale funds and borrow the rest. They retain about 20% ownership of a property that is geared 50-60% and also get the management income.