Centro's net asset value declined to negative $346 million according to the results which incorporate both Centro Properties Ltd and Centro Property Trust, the Melbourne-based company said.
Revenue for the first half tripled to $1.1 billion.
Centro said it lost $1.23 billion on property revaluations, $1.12 billion from the mark to market of derivatives, and $1.06 billion from foreign exchange losses.
The company's net assets slumped to $1.66 billion as of December 31 from $4.14 billion the year before as Centro's debt grew to $19.7 billion, mainly because of the plunge in the Australian dollar during the period.
Centro said underlying earnings were $72 million after removing the one off losses, while the company's funds under management were $15.6 billion.
Chief executive Glenn Rufrano, whose contract has been extended for 12 months from March 1, said Centro was one of the first real estate companies to suffer financial difficulties, and was one of the first to be restructured, on January 16.
Centro announced that it was given extensions on much of its debts on January 16 in exchange for equity worth 90 per cent of the company being paid to its lenders.
"The restructure not only restored positive cash flow, but has also given us the opportunity over time to restore our balance sheet to positive status," Mr Rufrano said in the statement.
More to come.
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