The Westfield Group has announced its first results since merging Westfield Holdings, Westfield Trust and Westfield America Trust in July last year.
The group recorded a net profit of Aus$832.9m (£343.4m) for the six months to 31 December 2004
Westfield, which has interests in 126 shopping centres with a value of about Aus$41.9bn, said its results were in line with forecasts.
During the period, Westfield recorded a 16% increase in the gross value of its investments under management and a valuation uplift of Aus$2.8bn arising from the independent valuation of its shopping centres.
Managing directors Peter Lowy and Steven Lowy said: “We are very pleased with the successful completion of the merger of Westfield Holdings, Westfield Trust and Westfield America Trust, which has created the world’s largest listed retail property group with a market capitalisation in excess of Aus$28bn.”
They added: “Our ongoing operations in Australia, New Zealand, the US and the UK continue to perform well and we remain on track to deliver the forecasts that were issued at the time of the merger.
“It has been a very positive period for the group and the significant acquisition and financing transactions undertaken over the past six months have been consistent with our merger rationale.
“They have provided a strengthened platform for our existing operations and for future growth.”
References: EGi News 28/02/05
