Shopping mall manager Westfield Holdings Ltd. has reported that fiscal 2003 net profit increased 23%. The company, owned by Australian businessman Frank Lowy, credited an aggressive expansion campaign for the increase.

Westfield receives management fees from 115 malls scattered throughout the U.S, the U.K, Australia and New Zealand. Westfield now has $4.09 billion of development projects under construction.

Westfield Holdings manages shopping malls on behalf of listed mall owners Westfield Trust and Westfield America Trust. Westfield Holdings’ net rose to $288.4 million (Australian) for the year ended June 30 from $234.2 million one year earlier. Revenue increased 19% to $1.15 billion (Australian).