Shopping centre owner Westfield has announced a profit of $A651 million for the six months to the end of June.
The ABC reports that is down 32% compared to its profit of $A961 million for the same period last year.
However, its funds from operations were $A733 million.
Joint chief executives Peter Lowy and Steven Lowy said in a statement they are confident in the future of the group's business model.
''We continue to execute our strategy by redeploying capital in order to deliver sustainable earnings growth and higher return on equity," they said.
''Queensland and Victoria posted stronger sales results, whilst New South Wales and Western Australia were generally weaker.''
The ABC reports Westfield recently announced three significant overseas investments: the World Trade Centre site in New York, an investment in several shopping centres in Brazil and a mega-mall in Milan, Italy.
