Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Westfield’s forgotten NZ unit boostsearnings in 2013

Westfield’s forgotten NZ unit boosts underlying earnings in 2013

By Pam Graham

June 24 (BusinessDesk) – The $2.8 billion of local shopping malls owned by Australia’s Westfield Group barely got a mention in the 423-page document for the company’s restructure but accounts filed in New Zealand show earnings of $165.8 million in 2013.

The malls which dominate the New Zealand shopping scene were lumped in the Australasian business for the rundown on the restructuring approved by investors in Westfield Retail Trust on Friday.

The company’s New Zealand malls at Albany, Glenfield, Manukau, Newmarket, St Lukes, West City, Chartwell, Queensgate and Riccarton, along with its malls in Australia, will be owned by a company called Scentre Group from June 25. Auckland-based businessman and NZX chairman Andrew Harmos is on the board of Scentre Group.

Westfield NZ Holdings reported net profit of $165.8 million in the year to Dec. 31, 2013, down from $564.8 million the previous year when it booked a massive $380.3 million gain from deferred tax losses, according to accounts filed to the Companies Office. Profit before tax of $202.5 million, was up from $184.5 million in 2012.

In 2013, Westfield faced an income tax expense of $36.7 million. Property was revalued upward by $34.5 million compared to a $9.1 million lift last year.

The new restructuring splits the business empire built up by the Sydney-based Lowy family into international and Australasian units. Previously the New Zealand unit was part of Westfield Retail Trust, which was spun off from Westfield in 2010.

The documents for the latest restructuring did forecast income of $195.8 million in the 2014 financial year for the New Zealand assets.

The New Zealand accounts for 2013 show rental revenue of $286.6 million, down from $311.8 million in 2012.

Westfield’s ASX-listed shares rose 0.6 percent to A$10.88 yesterday, and have gained 7.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news