Shopping centre giant Westfield (WDC) has now fully-recovered from its $458 million loss in December 2009 after reporting a $1.1 billion profit bounce back.

The groups’ net profit for the 2010 full year, excluding any restructure costs, reached $2.3 billion.

Managing director Peter Lowy said its upturn was being underpinned by 119 shopping centres in its portfolio.

“The group’s restructure provides the platform for enhanced long term growth and we continue to focus on initiatives to improve return on equity,” he said.
“These initiatives include investment in our more productive assets, the introduction of a new joint venture capital and the expansion of our business globally.”

Comparable specialty retail sales per square foot in the US grew by 6.1 per cent. In Australia, comparable specialty retail sales declined slightly, by 0.4 per cent and in New Zealand grew by 0.4 per cent.

Meanwhile, leasing is well in advance on the remainder of the $1.2 billion Westfield project, which is expect to be completed in early 2010. The total development profit is expected to be approximately $780 million.

Westfield London, in it second year of operation, was also highlighted by Lowy as performing “exceptionally well” with total sales in 2010 reaching 870 million pounds, up 24.7 per cent.

“We are extremely pleased with performance of Westfield London and its strong growth year on year since opening just over two years ago. Demand for space continues to be strong and we are now planning Westfield London’s next stage of development and expansion,” he said.

Westfield has forecasted that its comparable net operating income will grow in Australia and New Zealand between the ranges of 3 to 4 per cent.