• Westfield Sydney: Was opened successfully in October 2011 and has performed well.
    Westfield Sydney: Was opened successfully in October 2011 and has performed well.
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The Westfield Group has revealed its 2010 full-year results, boasting a net profit of $2.306 billion before one off costs.

According to the report, listed on the Australian Securities Exchange, the group's net profit for the year ended 31 December 2010 included property revaluations of $1.135 billion. Of this, $399 million were development gains and $736 million were from the existing portfolio.

Westfield Group managing director Steven Lowy said the company's position is underpinned by the high quality portfolio and resilient cash flow drawn from its 119 shopping centres across Australia, New Zealand, the United States and United Kingdom.

The $1.2 billion re-development of Westfield Sydney in particular was extremely successful and anticipated project development profit is expected to come in around the $780 million mark.

“Throughout the year we have seen the improving performances continue and in our Australia/New Zealand portfolio, the business remains strong with a solid demand for space, excellent sales productivity and continued rental growth,” Lowy said.

“In particular, we are very pleased with the progress at both Sydney and Stratford [shopping precincts].”

The Westfield Group also expects to commence between $750 million to $1.0 billion of new developments in 2011 including the Fountain Gate project in Victoria, which is estimated to be a $320 million project on its own.

Moving annual turnover for overall retail sales (specialty stores and majors) in Australia for the period to December 31, 2010 was $21.5 billion. Strongest retail sales by category for the 12 months to December 31, 2010 were Cinemas, followed by Food Catering, Retail Services, Footwear and Department Stores. Homewares, Discount Department Stores, General Retail, Fashion, and Leisure performed the worst, with declines during that period.

Forecast 2011 growth for Australia and New Zealand in comparable net operating income overall is 3.0 per cent to 4.0 per cent.

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