Centro surge Updated: 14:14, Thursday February 28, 2008 Centro Retail shares surged Thursday after the embattled property trust said the most it could lose on a US venture was $1.2 billion.
The news came as the company delivered a first half loss of around $260 million, compared to a $42 million profit in the same period last year.
Centro attributed the loss to a decline in the value of its assets.
Operating profit for the six months came in at $105.7 million, while sales totalled $164 million.
Newly appointed CEO Glen Ruffrano said the corporate level challenges faced by both Centro retail and its parent Centro Properties Group are completely removed from the operational performance of the business.
He also said the company hopes to gain debt extensions.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
