That compared with a statutory net loss of $222.9 million for the seven months to June 30 last year. The truncated period was due to the rebranding of the group late in the 2012 calendar year.

The underlying earnings before asset sales and the residual of the 2011 class action settlement was $224.4 million.

Based on rising rents from supermarkets and discretionary good retailers, the group forecast earnings growth of 4 to 6 per cent for the 2014 year – in line with market forecasts.

In late 2007 the then Centro Properties was on the brink of collapse because it was unable to pay nearly $5 billion in debt by Christmas that year.

But after a deal with the banks, a resolution to a class action and a focus on repairing the balance sheet, the new-look shopping centre landlord is on the road to recovery.

Its leverage/gearing rate, excluding drawn debt, is now 18.7 per cent, one of the lowest in the Australian real estate investment trust (AREIT) sector, with comparable sale growth of 3.5 per cent at its 47 centres.

The profit has allowed Federation Centres to declare a final distribution of 7.5¢ per security to take the total distribution for the year to 14.1¢ per security.

Chief executive Steven Sewell said the food-based landlord had forecast redevelopment pipeline projects to total $1.1 billion, with Federation's share about $580 million over five years.

"Almost $1.4 billion of working capital has been raised from strategic co-ownership alliances, with $616 million of assets purchased, and debt has been restructured on improved terms," Mr Sewell said.

"We have identified significant growth opportunities in our suburban centres and we will work with tenants on remixing product, offering a wide range of services, such as medical, banks and beauty and rolling out as Aldi supermarkets where possible, to boost rental income."