Westfield Group $1.718 billion Profit up 18.3% FY2012

Shopping Centre Management Company, Westfield (ASX:WDC) have announced its full year financial results for 2012 to its shareholders and investors on the Australian stockmarket.

• Westfield Group had a full year profit of $1.718 billion up 18.3 percent on the prior corresponding period.
• Joint Westfield chief executives Peter Lowy and Steven Lowy said, "The performance for the year has been very good and in line with expectations. We are focussed on remaining at the forefront of our industry as we continue to improve the quality of our portfolio through our $12 billion development pipeline together with acquisition opportunities in existing and new markets. We also plan to continue redeploying capital from further joint ventures and non-core asset disposals."
• Westfield had completed its $1.2 billion Sydney shopping centre development at Pitt Street mall during 2012. In 2013 Westfield expects to begin new property developments which includes Miranda in Sydney, Mt Gravatt in Brisbane and Bradford in the UK at a value of $1.25 billion and $1.5 billion.
• Westfield Retail Trust (WRT) reported a net profit of $830 million in for the year to December 31 2012, down 2.2 percent. Westfield Retail Trust, only holds a 50 percent interest in Westfield's 54 Australian and New Zealand shopping centres.
• Co-chief executive Steven Lowy remuneration package paid out $10.95 million his brother and co-chief executive Peter Lowy received a $10.51 million renumeration package.
• The Lowy Family Group (LFG) has sold its stake in Westfield Retail Trust. Westfield Retail said LFG had sold its 214.8 million securities in WRT or 7.1 percent ownership interest in the group for $663.7 million representing a price of $3.09 per security. Lowy Family Group currently holds around 8 percent in Westfield Group.
• Westfield Retail Trust will pay a dividend of 18.75 cents per stapled security for 2012, and expects that to rise to 19.85 cents in 2013. LFG will receive its last WRT dividend of $20 million.
• Westfield Group manages 105 shopping centres across five countries.
• Westfield Group declared a full-year final dividend of 49.5 cents per share and is expected to rise to 51 cents per share for the next corresponding period in 2013.