News: Westfield profits decline

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Westfield Group’s (ASX:WDC) half year net profit has fallen steeply to $524 million, down from $837 million last year.

 

The result has been attributed to an increase in property development and project management costs.

 

In the six months to June 30, revenue edged 0.3 per cent lower to $1.18 billion. 

 

The group says it has confidence in its business model and opportunities for growth going forward. 

 

Westfield will pay an interim dividend of 25.5 cents, a 3 per cent increase on the last year's payout