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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Half Empty: Dairy Prices Drop To Lowest Since August 2009

Dairy product prices fell to the lowest level in more than five years in the latest GlobalDairyTrade auction, led by declines in butter milk powder and whole milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news