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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles