Retail slump saps Vicinity profit by 72%

VICINITY Centres' full-year profit slumped 72 per cent to $346.1 million as the shopping mall owner warned that the outlook for retailers appeared weak.

The owner of 62 shopping centres said total revenue for the 12 months to June 30 dipped 3.6 per cent to $1.28 billion and it lowered its final payout from 8.2 cents to 7.95 cents, unfranked.

"The retail environment is expected to remain challenging in FY20, although economic stimulus including lower interest rates and income tax cuts may benefit retail spending," the company said in a release.


Ballina's Riding for the Disabled turns 40

Ballina's Riding for the Disabled turns 40

The organisation has helped hundreds of people over the years

Skate parks closed for much-needed maintenance

Skate parks closed for much-needed maintenance

The work will be finished in time for popular skateboarding comp

Night works begin on The Coast Rd

Night works begin on The Coast Rd

Two new roundabouts and an underpass are being built