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.