Westfield, the world’s largest listed shopping centre operator, reported full-year net losses of A$2.2bn (£1bn) yesterday because of the slumping value of its malls.

The loss, which compares with a profit of Aus$3.44bn the year before, was driven by writedowns of Aus$3.3bn in the value of its malls, which include the recently opened Westfield London centre in Shepherd’s Bush.

A further Aus$1.3bn was lost from non-cash mark-to-market adjustments of financial instruments.

Westfield, which owns and manages 119 malls around the world, said its operating earnings for 2008 rose by 10.4% to Aus$1.94bn, driven by a strong performance from the Australian market.

The Times