Westfield Group

Westfield Group has announced a string of changes after producing a full-year (Westfield has a calendar year end) underlying profit of 64.8 cents per security (using the company’s preferred measure of profitability ‘funds from operations’) in line with previous guidance. It was a respectable result, but comparisons were made difficult by the Westfield Retail Trust demerger. A final 24.2-cent unfranked distribution was also declared (ex date already passed), bringing the annual total to 48.4 cents. Westfield currently trades on a 5.5% yield. Despite weakening retail conditions, there’s barely a vacant store in Australia. Retail sales within Westfield’s Australian shopping centres...

Westfield Group has announced a string of changes after producing a full-year (Westfield has a calendar year end) underlying profit of 64.8 cents per security (using the company’s preferred measure of profitability ‘funds from operations’) in line with previous guidance. It was a respectable result, but comparisons were made difficult by the Westfield Retail Trust demerger. A final 24.2-cent unfranked distribution was also declared (ex date already passed), bringing the annual total to 48.4 cents. Westfield currently trades on a 5.5% yield.

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