Finance Finance News Solid retail growth sees Westfield operating income up 5%

Solid retail growth sees Westfield operating income up 5%

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Westfield Corporation lifted the operating income from its shopping centres more than five per cent during the first half, following solid retail sales growth.

The company recorded a 5.3 per cent gain in its operating income from its international portfolio of shopping centres during the six months to June 30.

Specialty retail sales from the shopping centres were up 4.2 per cent over the period.

Westfield Corporation was formed at the end of June following the split of Westfield Group’s mature Australasian business from its growing international division.

The Australian and New Zealand centres are now part of a company called Scentre.

Westfield co-chief executives Peter and Steven Lowy said the company’s centres had performed as expected.

“The operating performance of WFD’s pre-eminent portfolio of 40 shopping centres in the United States and United Kingdom remains strong, and in line with expectations,” they said in a statement.

The company expects to pay a distribution of 12.3 cents per share for the six months to December 31.