Westfield Group released its half year results today for the period up until June 30, showing a net profit of $650.9 million, a 32 per cent drop since last year.
Westfield CEO Peter Lowry was optimistic about the group's results, saying:
“Today's announcement is consistent with our full year earnings and distribution forecasts, and demonstrates the resilience of our business.”
Property income revenue in Australia and New Zealand was down by 45 per cent, while the group reported a minor increase of 1 per cent in the United States and a more significant gain of 36 per cent in the United Kingdom.
Westfield's AIFRS net profit included $149 million of property revaluations, $39 million of which were development gains.
WDC total assets for the first half of the year reached a total of $59.6 billion, with the group continuing to grow its portfolio through expansion into Brazil, Milan and World Trade Centre developments, increasing its pipeline of future work by approximately $11 billion.
The group confirmed its earlier guidance for the full year forecast for FFO to be 64 – 65 cents per security, with operational segment earnings of 74.6 cents per security and distribution per security of 48.4 cents.
Lowry said the results were desirable for the group, considering the tougher trading environment.
“Our operating performance during the first half of the year was particularly pleasing, notwithstanding the current environment.”