Westfield Retail Trust nets A$92M profit

Wednesday 15th February 2012

Westfield Retail Trust, which was spun off from global shopping mall owner Westfield Group to take half ownership of its Australasian malls, has netted a pre-adjusted profit of A$91.7 million from its New Zealand properties.

The ASX-listed trust made a profit of A$976.1 million in the period from Nov. 2 2010 to Dec. 31 2011, the bulk of which came from rent on its 42 Australian malls. The trust has a half-stake in 12 New Zealand malls. New Zealand revenue contributed A$127.5 million, or 12 percent, to the total A$1.05 billion.

The value of the New Zealand portfolio was written down to NZ$1.45 billion as at Dec. 31 from NZ$1.47 billion a year earlier. Most of that came from a NZ$23 million reduction in the value of Riccarton mall in Christchurch. The Australian portfolio rose in value to A$11.51 billion from A$10.82 billion.

Joint venture partner Westfield Group, reported a 38 percent gain annual profit to A$1.53 billion, with a 7 percent increase in property income, a doubling of its property management fees, and a 92 percent lift in project income.

Units in the Westfield Retail Trust rose 3.8 percent to A$2.44 on the ASX, while Westfield Group shares climbed 5.5 percent to A$8.83.

(BusinessDesk)

BusinessDesk.co.nz

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