Westfield Group Ltd (ASX:WDC) has rebounded to a full year net profit in fiscal 2010, after reporting two consecutive full year losses.
The shopping centre operator says the result was boosted by a rise in property valuations of over $1 billion.
After accounting for Westfield Retail Trust (ASX:WRT), Westfield Group posted a net profit of $1.1 billion in the twelve months of 2010.
Net operational earnings, the company’s preferred measure of profitability, came in at $2.06 billion which is 1.5 per cent under the $2.11 billion recorded the year before.
Westfield Group posted a net profit of $965.8 million in the first half of its 2010 financial year.
