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

 

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news