The Westfield Group's latest operational performance report has revealed a $1.7billion increase in the gross value of its investments across Australia and New Zealand and a global net profit of $1.53 billion.
For the year up until December 31 2011, net profit has increased by 37.6 per cent.
Westfield Group co-CEOs, Peter Lowy and Steven Lowy, said they were pleased with the result, which was at the upper end of the company’s earnings forecast range, having absorbed the Australian dollar’s 12 per cent appreciation to the US dollar and eight per cent appreciation to the UK pound over the year.
They said the result was driven by net property income increasing seven per cent during the year, a 100 per cent increase in the group’s property management income and a 92 per cent increase in project income.
In a joint statement the Lowy brothers said that 2011 had been a 'significant' year for the group.
“We continued to implement our strategy of increasing return on equity with the joint venturing of the £1,75 billion Stratford City and the sale of Cairns (Australia) and Nottingham (UK),” the co-CEOs said. “We continue to look at attractive development and acquisition opportunities globally, and are well placed to deliver long term sustainable earnings growth.”
The portfolio at December 31 was 97.5 per cent leased, with the US portfolio at 93.1 per cent, the UK at 99 per cent and the Australian / New Zealand portfolio remaining at more than 99.5 per cent.
In Australia and New Zealand as of year end, the group owned interests in 55 shopping centres and the gross value of these investments, including work in progress and assets held for redevelopment and development, was approximately $34.6 billion, up $1.7 billion compared to last year.