News: Westfield rebounds from loss, posts H1 grow

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Westfield Group (ASX:WDC) has rebounded from last year's half year loss to post a net profit of $961 million in the six months to 30 June.

The result marks a significant turnaround from the $708 million loss reported for the same period in 2009.

The shopping centre developer has attributed the profit to improved performances from its overseas businesses as well as a continued strong performance in Australia.

Westfield has also announced a distribution of 32 cents per security for the half year, and is on track to achieve operation earnings of 90 cents per security for the year.

Managing Director Steven Lowy says first half retail sales performance was in line with expectations.

The group has also today announced that it has entered into a multiple centre agreement with US-listed retailer, Costco, for the addition of its stores at Westfield centres in the US.

Westfield says they currently have a total value of assets under management in excess of $61 billion.

Westfield Group reported a loss of $458 million for the year to 30 December 2009.