That's $310m less profit, poor Frank Lowy, my heart bleeds.


Westfield Group has posted a 32 per cent fall in half year profit but has confirmed earlier guidance for earnings, distributions and revenue for the full year.

Westfield said on Wednesday that net profit for the half year to June 30 was $650.9 million, down from $960.9 million in the first half of calendar 2010.

Some reader comments

Frank Lowry the filth Joo can rip who he wants. Demand they sign 10 year agreements with property as garantor. Then bleed the pigs to death.
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Maybe it's time to outsource to Asia like Qantas, all banks, Teltras and Optus. Hang on, how we move shopping centres? OOPS. Well, there are still accounting and IT departments, that can move, and also the lawyers, don't forget the lawyers, they are much cheaper in Asia as well.

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More and More Shops are closing due to high rentals. Greedy, when Retailers are having a tough time trying to make ends meet.
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http://au.finance.yahoo.com/news/Westfield-posts-32-fall-H111-aap-3416706369.html?x=0

More for online resellers and less for greedy landlords ;) LOL

Westfield's are great places to loose one's hearing.
j.

Obviously the loss is caused by Westfields huge investment in clean energy.


Quote:

Global property giant Westfield Group Ltd is pushing to become more environmentally friendly after allowing a shop at its flagship shopping centre at Bondi Junction in Sydney to install solar panels. The installation of several solar panels on the roof of the Westfield centre will generate emissions free electricity running directly into the environmental store, Todae. It will be the first Westfield property in the global portfolio of 118 shopping centres in Australia, New Zealand, the United States and United Kingdom, to use solar panels.

Im a big fan of Frank Lowy and what he created from humble beginnings with Westfield.

Frank is a great example of how refugees and migrants have shaped modern Australia for the better    :)

adelcrow wrote on Aug 18^th, 2011 at 5:35pm:

Im a big fan of Frank Lowy and what he created from humble beginnings with Westfield.

but like all empires sooner or later they fall on their sword as new technologies make them obsolete ;)

Talking to people running businesses, both in a Stockland Mall and a Main street zone is that RENTS never come down in Hard times. they rather shops close than lower rents it seems. Go figure.

wrote on Aug 18^th, 2011 at 6:46pm:

Talking to people running businesses, both in a Stockland Mall and a Main street zone is that RENTS never come down in Hard times. they rather shops close than lower rents it seems. Go figure.

then let them go empty and they will have to drop their rent to ZERO as there is no longer any tenant to pay it ;) LOL

adelcrow wrote on Aug 18^th, 2011 at 5:38pm:

Frank is a great example of how refugees and migrants have shaped modern Australia for the better    :)

didnt he also diddle the Tax man out of about $25million by dodgy bank accounts in Switzerland..hummmmmmmmmmmmm or maybe that was just the amount of the fine

I once had a lot of shares in westfield. I think I got rid of them but better double check.