Westfield posts high profit jump

Westfield-logo-sydWestfield Corporation has unveiled a $US2.3 billion ($NZ3.47 billion) full year profit on the back of higher sales at its offshore shopping malls.

It was the first full year profit result from the group, which has malls in the US and Britain and was created after it was spun off from Westfield’s Australian and New Zealand centres in 2014.

The result for the year to December 31 included asset revaluations of $US632 million and was aided by a 6.4 per cent rise in specialty sales to $US726 million.

Westfield’s funds from operations were $783 million, in line with its forecasts. The company expects growth of between three and four per cent in 2016.

Yesterday, Westfield’s ANZ owner, Scentre Group, released its 2015 full year results, announcing growth above forecast expectations. Scentre Group, the company spun off from Westfield’s international business in 2014, lifted underlying profit by 3.8 per cent to $1.199 billion. On a statutory basis net profit fell to $2.7 billion from $6.59 billion in 2014.

The 2015 result includes just the company’s Australian and New Zealand shopping centres, whereas the result for 2014 included six months worth of contributions from Westfield’s offshore malls. Scentre said comparable speciality sales in its Australian malls grew by 5.3 per cent in 2015 with growth in particular seen in fashion, footwear, jewellery, tech and appliances and leisure.

AAP & Inside Retail NZ

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