Retail property specialist Westfield Group (ASX: WDC) said on Wednesday that it has climbed back to profit status, managing to collect $961 million in net profit from the first six months leading to end of June this year.

Following a loss of $1.669 billion last year, the property group registered operational earnings of $1.029 billion in the same period but the figures were still below by 2.6 percent from the earnings of $1.057 billion achieved in 2009.

Westfield Group managing directors Peter Lowy and Steven Lowy said that the company saw better results from its US, UK and New Zealand operations while its Australian operation sustained its solid results from the previous corresponding period.

The duo expressed confidence that the property group is right on track to reach operational earnings of 90 percent per security for the remaining months of 2010.

The company said that its earnings before interest and tax in the half year to June was $1.384 billion, declining by 5.4 percent from the $1.463 billion earned in the prior corresponding period.

Westfield said that the result was further pulled down by the 25 percent appreciation of the local currency, adding that the operational earnings were an actual 2.6 percent slide from the numbers posted in 2009 but 1.6 percent better on a currency adjusted basis.

The group added that its half year net property investment income in Australian dollar jumped by 5.8 percent in New Zealand and Australia while its US and UK incomes shot up by 3.2 percent and 15.6 percent respectively.

Steven Lowy said that retail sales result during the first half registered steady gains and in line with expectations "given last year's first half sales were strongly impacted by the one-off government stimulus payments yet for the 12 months, comparable specialty retail sales were up 0.5 percent."

Westfield said that company shareholders could expect dividend distribution of 64 cents per share for the full year since it is projecting that operation earnings would spike up by as much as 30 percent for the rest of 2010.

The company also revealed that US retailer Costco Wholesale Corporation is set to establish stores on Westfield centres in Los Angeles, Sarasota and Wheaton.