Westfield Group's profit falls

Group reiterates FY guidance of small increase in earnings, dividend, in H1 results.

Westfield Group (WDC) has reiterated it expects a small increase in earnings and dividend for the full-year, after posting a steep decline in interim profit. 

Net profit fell sharply to $534 million in the six months to June, from $837 million in the previous year, largely on a steep increase in property development and project management costs and $119 million in financing costs. 

However, first-half funds from operations (FFO) per share beat analyst estimates, coming in at 33.1 cents a share compared to the consensus forecasts for 32.8 cents.

Revenue edged 0.3% lower to $1.18 billion. 

It will pay an interim dividend of 25.5 cents, a 3% increase on the last year's payout.