Mall giant Westfield posts USD2.3b profit on US, Britain centres

SYDNEY - Shopping centre giant Westfield on Wednesday recorded a US$2.3 billion net profit supported by healthy income growth for its US and British assets, as it flagged an August opening for its fully leased World Trade Center development.

The Australian-listed company is reporting its first full-year result for the 12 months to December 31, 2015 since spinning off its Australian and New Zealand business into a separate entity the year before.

Westfield said it had made "significant progress" on a multi-billion dollar redevelopment programme, and recorded comparable net operating income growth of 4.2 percent for its flagship stores, which make up 82 percent of its assets.

It posted net operating income growth of 2.7 percent for the regional assets.

"Our US$10.5 billion development programme... is expected to create significant long-term value and earnings accretion," Westfield's co-chief executives Peter Lowy and Steven Lowy said in a statement.

"Our financial position is strong with balance sheet assets of US$20.0 billion."

Westfield -- one of the world's leading shopping centre operators -- said its US$1.4 billion World Trade Center development in New York was fully leased, with more than 100 retailers including flagship stores for Apple and Eataly, and is scheduled to open in August.

It was also making progress on developments and redevelopments in other US cities and in Britain.

Shares in Westfield slipped 0.41 percent to Aus$9.67 at midday in Sydney.

The spin-off entity Scentre, which manages the Australian and New Zealand business and had merged with Westfield Retail Trust, Tuesday reported net profit of Aus$2.71 billion (US$1.96 billion) in the 12 months to December 31, 2015.

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