Australian-owned shopping centre property company Westfield has reported a 6.2% increase in earnings for the 2009 financial year, with total operational earnings of $A2.06 billion.
Despite the increase in operational earnings, the group's result was a $A
Australian-owned shopping centre property company Westfield has reported a 6.2% increase in earnings for the 2009 financial year, with total operational earnings of $A2.06 billion.
Despite the increase in operational earnings, the group’s result was a $A412 million net loss, which it said was due to the $A3.5 billion devaluation of its property portfolio earlier last year.
It is reducing its distribution level from 100% down to between 70-75%, to enable it to retain $A500 million a year. It expects to pay out AU64 cents a share for the 2009 year for "future investment activities including strategic developments" according to managing director Peter Lowy.
Retail sales at its New Zealand properties last year increased by 0.4%.
The company reported an operational EBIT up 8.3% on the 2008 full year to $A2.87 billion.
In a joint statement Westfield Group managing directors Steven and Peter Lowy said the despite difficult conditions in real estate, retail and capital markets the company met forecasts it gave last February.
“Overall, we have seen strong performance from the Australian business throughout the year and conditions have stabilised in the second half of the year in our United States, United Kingdom and New Zealand businesses.”
In the 2009 year Westfield raised $US2 billion in a public bond issue. Its gearing is at 35.8% and it has $US7.8 billion available liquidity.
Westfield has 119 properties internationally. In New Zealand it is expanding its Chartwell mall at Waikato and looking to double the size of its Albany shopping centre.
