18 Feb 2010

Higher profit reported by Westfield

10:00 am on 18 February 2010

Westfield Group made an underlying profit of almost $A2 billion last year - up 8% on 2007.

But once $2.5 billion of property revaluations are accounted for, Westfield says it made a net loss of almost $A500 million.

The Australian-based company owns shopping centres on both sides of the Tasman, and in Britain and the United States.

Operating income grew by 5.9% in Australia and New Zealand, but fell by almost 4% in the United States and 4.2% in Britain.

Westfield says its Australian business has performed strongly and conditions have stabilised in the second half of the year in its United States, United Kingdom and New Zealand businesses.