Federation Centres posts first FY net profit of $212.7m FEDERATION Centres has posted a full-year net profit of $212.7 million on the back of solid sales growth across the $6 billion of shopping centres it owns and manages. The profit result translated into earnings per share of 15.8 cents, which was slightly below market consensus of earnings per share of 15.9 cents. Federation Centres, which was born out of the Centro empire in December 2011, does not have a comparative result available for the prior year. Federation's 2013 result compared to a net loss of $222.9m for the seven month period to 30 June 2012. Underlying earnings for fiscal 2013 came in at $224.4m, compared to the $123.2m earned over the seven months during which Federation was operating in 2012. The company has forecasted earnings per share for fiscal 2014 to come in at 16.5 cents to 16.8 cents per security. Federation declared a final distribution of 7.5 cents per security, taking distributions to 14.1 cents per security for the financial year. "The strong financial performance of Federation Centres during the 2013 financial year reflected the resilient quality of our portfolio of supermarket-anchored Australian shopping centres and a significantly improved balance sheet position with substantially reduced debt levels and average financing costs," Federation Centres chief executive Steven Sewell said. It was a transformational year, rebranding to Federation Centres with a revitalised focus on Australian shopping centres.