The company has announced its intention to rename itself as Federation Centres.
Centro Retail Trust has suffered in underlying profits for the full year ended 30 June 2011 reporting a drop from $160 million from the previous corresponding period to $70 million.
Centro Retail and Centro Properties Group have reached an agreement to merge creating a new listed Australian retail property vehicle.
Securities of Centro Properties Group and Centro Retail Group have been placed in trading halt ahead of potential transactions.
Centro Properties has reaffirmed that it continues to investigate its options in order to support the operation of the company, but its directors hope that a restructure could potentially save the debt-ridden business.
The company continues to revise its restructuring and recapitalisation options that have existed since last November.
The company said it anticipates its half-year underlying profit for period ending 31 December 2010 will be 20 per cent below the $81 million from corresponding results last year.
The company continues to explore alternate restructuring and recapitalisation options, including formally evaluating interest in its Australian and US investments.
The continuing success of Australian retailers was a contributing factor behind CER's $113 million net profit attributable to members for the full year ended 30 June 2010.