Shopping centre owner Westfield Group Ltd
(ASX:WDC) has posted a narrower loss for 2009 than the year before and says conditions in the US, UK and New Zealand have stabilized.
For the 12 months to December 31, 2009 the company reported a loss of $458 million impacted by downward property revaluations of $3.5 billion experienced in the first half of the year.
Operational earnings, which removes the impact of fluctuating property values, increased 6.2% to %2.06 billion.
Managing Directors Peter and Steven Lowy says that notwithstanding the difficult conditions in the real estate, retail and capital markets in which the company operates, the group has been able to meet its forecast given in February last year.
Looking ahead the company plans to commence $300 million of Australian projects in the second half of 2010 in addition to the new $250 million office tower at Sydney Tower.
Westfield reported a loss of $2.2 billion for the 2008 calendar year.
