Westfield, the Australian shopping centre owner, reported a fall in first-half profit after the value of its US and UK investments slumped, but it was bullish about the prospects for its shopping developments.

The company, which this week sparked rumours of a takeover approach for UK rival Liberty after revealing a stake of almost 3 per cent in the company, said it was on track to deliver “sub­stantial long-term growth” in spite of the devaluation of its overseas property port­folio.