The $2.8 billion of local shopping malls owned by Australia's Westfield Group [ASX: WRT] barely got a mention in the 423-page document for the company's restructure but accounts filed in New Zealand show earnings of $165.8 million in 2013.
The malls which dominate the New Zealand shopping scene were lumped in the Australasian business for the rundown on the restructuring approved by investors in Westfield Retail Trust on Friday.
The company's New Zealand malls at Albany, Glenfield, Manukau, Newmarket, St Lukes, West City, Chartwell, Queensgate and Riccarton, along with its malls in Australia, will be owned by a company called Scentre Group from June 25. Auckland-based businessman and NZX chairman Andrew Harmos is on the board of Scentre Group.
Westfield NZ Holdings reported net profit of $165.8 million in the year to Dec. 31, 2013, down from $564.8 million the previous year when it booked a massive $380.3 million gain from deferred tax losses, according to accounts filed to the Companies Office. Profit before tax of $202.5 million, was up from $184.5 million in 2012.
In 2013, Westfield faced an income tax expense of $36.7 million. Property was revalued upward by $34.5 million compared to a $9.1 million lift last year.
The new restructuring splits the business empire built up by the Sydney-based Lowy family into international and Australasian units. Previously the New Zealand unit was part of Westfield Retail Trust, which was spun off from Westfield in 2010.
The documents for the latest restructuring did forecast income of $195.8 million in the 2014 financial year for the New Zealand assets.
The New Zealand accounts for 2013 show rental revenue of $286.6 million, down from $311.8 million in 2012.
Westfield's ASX-listed shares rose 0.6 percent to A$10.88 yesterday, and have gained 7.8 percent this year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- The 'Uberisation' of work is driving people to co-operatives
- Nigel Latta only tells half the story on the economy
- While you were sleeping: Oil climbs on OPEC deal
- Warning for Wheeler: Businesses predict dollar to stay higher
- References to Sealegs' technology removed from rival's website as injunction showdown looms
Most listened to
- ASB economist Daniel Snowden: Businesses only see the kiwi dollar dropping by 4% in 12 months
- ‘If you want to go around telling people how they should think, don’t do it with taxpayer money’ – David Seymour on Susan Devoy
- Craigs' Grant Swanepoel on how he expects Z to reconfigure the Z and Caltex brands
- Cameron Officer details the latest motoring news
- 9 Spokes CEO Mark Estall on his company's progress since listing