Westfield reports 13 percent rise in FY17 net profit

Westfield Corporation has announced its full year results with 13 percent rise in 2017 net profit to 1.55 billion dollars. Revenue rose by 17 percent to 2.1 billion dollars with funds from operations (FFO) for the 12 months ended December 31, 2017 reaching 707 million dollars.

Commenting on the company’s performance, Westfield Corporation Co-CEOs, Peter and Steven Lowy said in a statement: “2017 was a significant year for Westfield with the announcement in December of the proposal to combine Westfield with Unibail-Rodamco to create the world’s best retail real estate platform. In the United States we have added over 130 retailers and brands that are new to Westfield in our recently completed developments.”

The company added that Westfield’s financial position is strong with balance sheet assets of 23.6 billion dollars, a gearing ratio of 38.1 percent and 2.6 billion dollars in available liquidity.

Westfield said that the company remains confident in the future outlook for its business and for 2018, it expects earnings will be positively impacted by the stabilisation of recently completed development projects including Century City and UTC together with the completion of the expansion of Westfield London.

Picture:Westfield website

 

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