Westfield profits soar 31%

Published on Wed, 15/08/2012, 03:00:56

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Westfield has reported a 31 per cent increase in half year earnings on the previous period of $800.1 million.

But half year revenue of $1.2 billion was down 10.7 per cent in comparison to the same period last year that earned $1.3 billion revenue.

Its Australian portfolio managed to stay strong with comparable net property income up 3.3 per cent, while in the US saw a 2.5 per cent growth and it remained steady in the UK.

Meanwhile, the portfolio was 97.5 per cent leased in Australia, over 99.5 per cent in New Zealand, 99.2 per cent in the US, over 99 per cent in the UK and 95.8 per cent in Brazil.

“Our most recent highlight was the performance of Stratford City that showcased to the world during the London Olympics. In total, approximately 5.5 million visits were made to our centre in just over two weeks, giving the group an unprecedented exposure to the global audience,” Steven Lowy, co-chief executive, said.

The group also continued to progress in its digital business strategy with the establishment of a digital team based in San Francisco.

“We are focused on utilising our global position to innovate the retail ecosystem and leverage the social, mobile and digital market opportunities that converge the digital shopper with the physical world,” Lowy said.

The company also highlighted there are approximately $11 billion worth of future development work in the pipeline, of which the group’s share is between $5 billion to $6 billion. The group expects to commence between $1.25 billion and $1.5 billion of new developments in both 2012 and 2013.


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