Unibail-Rodamco-Westfield lifts earnings guidance

Company News

by Rachael Jones

Unibail-Rodamco-Westfield (ASX:URW) lifted its full-year earnings guidance after reporting strong first-half growth in tenant sales at its flagship European and American retail centres.

They now report 2019 adjusted recurring earnings per share at 12.10-12.30 euros, or 2.5 per cent, above previous guidance.

Unibail’s net rental income for the first half rose 35.9 per cent to 1.25 billion euros. This was mainly due to their acquisition of US and UK shopping centre operator Westfield.

Recurring net profit rose 30.4 per cent to 916 million euros.

Group Chief Executive Officer Christophe Cuvillier says they delivered solid results, despite the challenging retail environment.

Shares in Unibail-Rodamco-Westfield (ASX:URW) closed 0.40 per cent higher at $10.15 yesterday.