News: Westfield confirms FY earnings forecast

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Frank Lowy has confirmed Westfield Group’s (ASX:WDC) 2011 earnings forecast at his final annual general meeting as executive chairman of the group.

Operational earnings are expected to reach $1.7 billion in the full year, which represents 74.6 cents per security.

The figure compares with $2.06 billion booked the year before, boosted by a contribution from the spun-off Westfield Retail Trust (ASX:WRT)

Mr Lowy will remain on the Westfield board as non-executive chairman and his sons Peter and Steven Lowy will work as joint chief executives.



In the 2010 financial year Westfield Group generated a net profit of $1.1 billion.