News: Westfield Group posts FY profit of $1.72B

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Westfield Group (ASX:WDC) has reported a net profit of $1.72 billion for its 2012 financial year, an 18 per cent increase on the year before. 

 

Co-CEO’s Peter and Steven Lowy say the performance has been very good for the year and in line with expectations. 

 

The joint chiefs say their 2012 was a significant year for the Westfield Group as it continued to position itself to generate greater security holder value. 

 

The group intends to improve the quality of its portfolio through its $12 billion development pipeline together with acquisition opportunities in existing and new markets. 

 

The retail conglomerate will pay shareholders a final dividend of 49.5 cents.