NATIONAL: Shopping centre giant Westfield has delivered strong underlying earnings despite the slackening trading environment.
Releasing its year end results today, February 26, the group posted operational segment earnings for the year ended December 31 2008 of $1.94 billion, up 10.4 per cent on the prior year end and in line with last February's forecast.
Strong performance in the Australian portfolio offset a deterioration of retail fundamentals in the US, UK and New Zealand, confirmed group managing directors Peter and Steven Lowy.
For 2008, retail sales for the group's centres in Australia were solid, with total sales up by 7.1 per cent and up 3.7 per cent on a comparable basis. New Zealand total sales grew by 8.2 per cent and declined 1.2 per cent on a comparable basis. The US specialty store sales marked a decrease of 6.8 per cent.
The group completed nine developments during 2008, including Westfield London and Doncaster (Melbourne). Meanwhile seven further projects were underway, including the recently commenced Sydney City project – an $860 million development expected to complete in 2012.