Westfield posts $651 million interim net profit
The Westfield Group has announced a half year net profit of $651 million, its first half year results since restructuring last year.
The Westfield Group has reported a net profit of $AUD650.9 million for the six months to June 30 2011.
The Group announced its half year results, reporting AIFRS net profit for the six months to June 30 of $AUD650.9 million and Funds from Operations of $AUD732.7 million.
The half year results are the first since the restructure of the Group in 2010, with the establishment of Westfield Retail Trust, a release from the Group said.
The net profit for the six months to June 30 2010 were $AUD961 million, under AIFRS, and Operational earnings were $1.029 billion but the Sydney Morning Herald said the results were not comparable due to the restructure of operations, when the Group created the Westfield Retail Trust.
A release in November said the Trust would become a joint venture partner in 54 of the Group’s shopping centres in Australia and New Zealand.
In the 2011 half year statement the Group’s chief executives Peter Lowy and Steven Lowy said of the 2011 half year results that they were consistent with the full year earnings and distribution forecasts, and demonstrated the resilience of the business and the continued improvement of the Group’s operating platform.
The statement said the result was driven by net property income increasing 6% during the half year and a 50% increase in the Group’s management and development income.
“We recently announced a number of new opportunities including the World Trade Center in New York, the acquisition of a strategic development site in Milan and our entry into Brazil. We have been active in implementing our strategic plan of redeploying capital into high return opportunities,” Mr Lowy and Mr Lowy said.
For the half year, net property income was up 8% in Australia and New Zealand.
With the announcement of entry into Brazil, the statement said, the Group’s portfolio would include 124 shopping centres in 5 countries with assets under management of $AUD59.6 billion.
Alex Walls
Wed, 11 Jul 2018
Wed, 11 Jul 2018
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Westfield posts $651 million interim net profit
16428