Centro Retail Group (CER) is a diversified property trust with domestic and international assets by shopping centre format. It currently has a market capitalisation of over $360 million.

CER has recorded a $113.3 million net profit in FY10, compared to a $2.7 billion loss a year earlier, which makes it one of the shares to watch.

The result was driven mainly by the huge asset write-downs in FY09, as property income actually fell 22% due to adverse foreign exchange movements.

CER is struggling to contain its mountainous debt, with the group advising that its planned restructure and recapitalisation are now expected to be completed by the end of 2011.

CER was also cautious about the outlook, stating that the US market conditions were difficult, and that it was contending with a constrained capital environment in both Australia and the US.

CER failed to declare a final distribution, yet still managed to fly 6.5% yesterday.

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