Westfield Retail profit dips

Group reiterates full-year earnings guidance despite slight slip in interim profit.

Westfield Retail Trust (WRT) has reiterated its full-year earnings guidance, despite a slight fall in interim profit.

In the six months to June 30, Westfield Retail Trust's net profit was $402.1 million, a 3.6% decrease on the $416.9 million recorded in the previous corresponding period.

First-half funds from operations (FFO) a share was 9.9 cents, in line with analyst forecasts.

The group reconfirmed its full-year FFO forecast of 19.85 cents per stapled security, representing a 2.5% increase on the prior year.

"While we anticipate that the retail environment will continue to present challenges, our focus will be on driving the operating performance of our quality portfolio to increase underlying cash flows," managing director Domenic Panaccio said.

"Together with the value generated by our redevelopment program and capital management initiatives, the trust is well positioned to create long term value for security holders."

In the same period revenue was $549.6 million, 3.4% higher than the $351.7 million in the same period last year.

The group will pay an interim dividend of 9.925 cents on August 30.

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