Westfield won't confirm or deny job cuts
Mon August 20, 2012 3:28pm
SHOPPING centre operator Westfield Group won't say whether or not it will cut the size of its workforce by up to 10 per cent.
News Ltd media reported today that Westfield may cut up to 400 jobs from its global workforce of about 4000, among all areas of the business.
But the biggest cuts were likely in administrative roles such as finance and asset management.
Westfield said in a statement today that it was continuously seeking ways to operate its business more efficiently through systems, technology and organisational structures.
"Decisions about staff numbers and structures are consistent with this approach and reflect the group's ongoing focus on cost control," the company said.
"Just one example of this has been the Westfield Group's decision to freeze senior executive salaries for three of the past four years."
Westfield last week lifted its first half profit by nearly a third and said it would boost investment in its better-performing Australian shopping centres to drive earnings further.
Westfield booked a net profit of $800.1 million for the six months to June 30, up 31 per cent on the $608.7 million profit in the prior corresponding period.
But the group's half year revenue of $1.2 billion was down 10.7 per cent, following the sale of some assets.
Co-chief executive Peter Lowy said while retail conditions were challenging, Westfield would focus on investing in its better-performing Australian shopping centres.
Westfield securities were one cent higher at $9.89 at 2.01pm AEST today.