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Westfield posts $590 million loss in 6 months

Westfield posts $590 million loss in 6 months

Australia's biggest shopping mall operator, Westfield Group, on Wednesday reported a 708 million Australian dollar ($590 million) loss for the first half of the calendar year due to the economic downturn.
The Sydney-based company _ which owns and manages 119 malls in the United States, Britain and New Zealand, as well as Australia _ said it was well positioned in the current economic environment despite the loss.
Westfield made a net loss of AU$708 million for the six months ended June 30, compared to a profit of AU$1.285 million in the previous corresponding period in 2008.
"The Australian portfolio is performing above our expectations while conditions are stabilizing, albeit at lower levels, in the more challenging environments in the United States, the United Kingdom and New Zealand," managing directors Peter Lowy and Steven Lowy said in a statement.
Westfield said it had a strong balance sheet, and its properties had high occupancy levels and long term leases.
Cash flows were expected to be stable, and had proven to be resilient through economic cycles.


Updated : 2021-03-07 08:18 GMT+08:00