News: Westfield H1 profit rises 31%

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Westfield Group (ASX:WDC) has increased its net profit by 31 per cent to $800 million in the first half of the 2012 financial and calendar year. 

 

The shopping centre investor’s interim result was aided by $4.8 billion of gross proceeds from the joint venture of assets in the US and the divestment of non-core assets.

 

Westfield says the implementation of its strategic plan has given the company about $10 billion of capital for redeployment into higher return opportunities. 

 

Co-chief executives Peter Lowy and Steven Lowy have stated they are confident in the future of Westfield’s business model and continue to assess new investment opportunities in existing and new markets. 

 

An interim dividend of 24.75 cents per share has been declared.