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.


SHARK TRAGEDY: Quiet coastal town rocked by teen’s death

premium_icon SHARK TRAGEDY: Quiet coastal town rocked by teen’s death

Grim scenes at beach where teenage surfer was killed by a shark.

Teen killed after shark attack off North Coast beach

premium_icon Teen killed after shark attack off North Coast beach

Emergency services called to assist teen after horrific attack

Pubs fined, penalised for offering free alcohol to gamblers

premium_icon Pubs fined, penalised for offering free alcohol to gamblers

LICENCEES of Northern NSW venues were fined a total of $3,500