NATIONAL: Westfield has announced its financial results for the half year to June 30, 2010, amid news of its Sydney city centre development launch.
The company reported operational earnings of $1.029 billion and a net profit of $961 million for the period, up from $708 million for the same time last year.
On June 30 this year, the group had assets under management of $61.7 billion and total assets of $50.4 billion.
It said the earnings for the six months were affected by the 25 per cent appreciation of the average Australian dollar exchange rate. Operational earnings were 2.6 per cent lower than the prior corresponding period, but up 1.6 per cent on a currency adjusted basis.
Operational earnings before income tax were $1.384 billion, 5.4 per cent lower than the prior corresponding period, but up 4.8 per cent on a currency adjusted basis.
Westfield group managing directors Peter Lowy and Steven Lowy said the company had seen improved performances across its US, UK and New Zealand operations, on top of strong results from Australia.
In Australia, total retail sales for the six months were flat on the previous corresponding period, with comparable specialty retail sales lower by 0.8 per cent.
In New Zealand, total retail sales for the six months were up 2.7 per cent, with comparable specialty sales up 0.4 per cent.
The group’s portfolio includes 119 shopping centres across Australia, the US, the UK and New Zealand.
The company is set to launch stage one of its new Sydney city development in late October, with final completion expected in 2012.
