Westfield Group, the world's leading shopping centre owner, declared a 6.2% rise in earnings.

The group that operates malls in Australia, New Zealand, Britain and the United States, has reduced its distribution payout level to between 70-75% of operational earnings starting from this year.

The company boasts of AU$7.8 billion worth of liquidity including cash and undrawn facilities.

Managing Director Mr. Peter Lowy remarked that the global recession did not affect Australia as severely as the US and the UK.

“Elsewhere, we have shrinking demand, so we are increasing our capital where we have increasing demand”, he added.

Last year was a mixed bag for the Westfield group, with a loss in the first half followed by a net profit of $250 million in the second half.

Nearly 45% of the Westfield’s operating income comes from Australia. They, therefore, plan to invest AU$300 million in projects during the latter part of this year.

Mr. Lowy, however refused to say anything about the proposal made by U. S. retailer Simon Property Group which would unite the two largest U. S. shopping mall owners.