Sydney - Credit-crisis victim Centro Property Group racked up one of corporate Australia's biggest losses Friday.

Australia's second-largest shopping mall owner after global leader Westfield recorded a full-year loss of 2 billion Australian dollars (1.7 billion US dollars).

Centro, which owns 665 shopping malls in the United States, flagged further asset sales to shore up its financial position. By the end of the year it needs to find 7.4 billion Australian dollars to get its balance sheet right.

"While there is no disguising the seriousness of the situation for the Centro group, we are making incremental steps towards stabilization in a difficult environment," chief executive Glenn Rufrano said. "It's a good operating company and should get itself out of this capitalization issue."

Allco Finance Group Ltd also reported big losses from the credit crunch attendant on the sub-prime mortgage meltdown in the US. Its full-year loss came in at 1.7 billion Australian dollars.

Allco, a financial engineering company, last year came to prominence when it put in an audacious but doomed bid to take Qantas Airways Ltd private. (dpa)