Westfield Corporation, the owner of shopping centres in the US and UK, has met its half-year earnings forecasts but says retail conditions have been challenging.
The shopping centre giant’s profit rose 20 per cent to $US589 million ($A753 million) in the six months to June 30.
Co-chief executives Peter and Steven Lowy said, in a statement on Wednesday, that the group has focused on creating “great experiences” for consumers.
“In a challenging retail environment, the performance for the first half was good and we remain confident on executing our strategy to transform our assets into the pre-eminent global shopping centre portfolio,” their joint statement said.
They also said the group had adapted the portfolio to meet the changing needs of retailers, consumers and brands.
In the United States, Westfield has added more than 120 retailers and brands that are new to the group.
Total revenue jumped 18.3 per cent to $US987.6 million, while the crucial funds from operations measure of performance was up marginally at $US342.5 million, from $US342.2 million.
Westfield says it is focused on investing in its flagship shopping centres in some of the world’s top markets through its $US9.8 billion development program.
WESTFIELD PROFITS IN TOUGH TRADE:
* Profit up 20pct to $US589m ($A753 million)
* Revenue up 18.3pct to $US987.6m ($A1.3 billion)
* Interim dividend of 12.75 US cents, up from 12.55 cents