Westfield profits flat in 2012

Australian shopping mall group Westfield, which runs two enormous sites in London, yesterday said earnings were flat in 2012. Westfield said its funds from operations – a industry measure of operating profits – hit $1.47bn australian dollars (£1bn) last year, up 0.3 per cent on 2011. The company said it was confident that new developments scheduled to start this year would boost future results.