$2.5m of cannabis found in northern NSW

MORE than 1200 cannabis plants valued about $2.5 million have been seized by police during raids in northern NSW.

The plants were found in bushland around Lillian Rock, Barkers Vale, Rappville and Woodburn during the latest round of the cannabis eradication program (CEP), which ran from Monday to Wednesday, police said.

More than $4 million of cannabis was found and destroyed after similar searches in the first week of February.

"The CEP has been running since the mid-1980s and, to date, has prevented cannabis with an estimated potential street value of more than $250 million reaching NSW streets," police said in a statement.

"The CEP is generally operational during cannabis-growing season, which stretches from the late spring through summer and into early autumn."

The drug squad, dog unit, aviation support branch and local police were involved in the raids.

More busts will take place in the coming months.

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Sydney scientist leads Laos dam protests

AN Australian scientist is leading a call for Laos to halt a planned hydro-electric dam on the Mekong River that could damage fish stocks vital to the hundreds of thousands of poor in neighbouring Cambodia.

Philip Hirsch, a professor at Sydney University's School of Geosciences and the Mekong Research Centre, says the Mekong River, in its role as the "world's most productive inland fishery" would be affected if the 260 megawatt Don Sahong Dam was to go ahead.

"The overall hydrological impacts of Don Sahong will be quite small, but it has a major, major impact in Cambodia on the source of that country's animal protein which the poor depend on for the bulk of their dietary requirements," Hirsch told AAP.

The proposed Don Sahong Dam, is located in Laos' Champasak Province and situated on the five-kilometre long Hou Sahong, one of the 'braided channels' of the Mekong River about two kilometres upstream of the Lao-Cambodia border.

The Don Sahong dam is one of eleven dams planned for the lower Mekong River. Laos has already pressed on with construction of the US$3.5 billion Xayaburi Dam in northern Laos despite criticism from environmentalists and donor countries, including the US and Australia.

A study by the Mekong River Commission - an intergovernmental body bringing together Laos, Thailand, Cambodia and Vietnam, has warned that damming the river could reduce fishery by 300,000 tonnes a year, having a major impact on a million people, especially in Cambodia.

Hirsch says the go ahead the Xayaburi Dam has raised fears of an "unstoppable momentum" it would be "more difficult not to be build a second, third until you've got all eleven" dams.

"When you have all eleven then the hydrological as well as the ecological impacts are significant in Cambodia and all the way down to the Mekong Delta in Vietnam," he said.

A meeting by the MRC in January delayed a final decision on the dam, calling on ministers from Cambodia, Laos, Thailand and Vietnam, to further appraise the project. Hirsch said the delay marked a "silver lining" in the Mekong co-operation framework.

He said Cambodia and Vietnam have realised the potential impacts from the dam and have put in objections.

The issue will now be referred to the ministerial or political level, "and a lot depends on what happens at the council meeting", so far unscheduled.

"It's still a ways to go," Hirsch said.

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Flight Centre lifts 1H profit 21%

FLIGHT Centre has lifted its first half profit more than 20.7 per cent thanks to strong sales growth in both corporate and leisure travel.

The company on Wednesday said it had made a net profit of $110.8 million for the six months to December 31, up from $91.8 million a year ago.

Revenue increased 15 per cent to $1.05 billion during the half, thanks to strong online and in store sales growth in both corporate and leisure travel.

Managing Director Graham Turner said four businesses - Australia, the UK, Singapore and China - had helped the company deliver record first half earnings (EBIT).

But, he added: "The Australian business has, so far, been the key contributor to overall results although we have also seen continued growth in offshore earnings".

Meanwhile, the company continued to expand its store network, with 2,643 stores in operation as of the end of 2013, an 8.2 per cent increase on the previous year. It had created an additional full-time jobs during the year.

Flight Centre said it had also increased in-store productivity and lifted its income margin slightly to 14.1 per cent during the half.

The company said it expects to post a pre-tax profit of between $370 million and $385 million for the full 2013/14 financial year, up between eight and 12 per cent on the underlying 2012/13 result.

"The company sees growth opportunities in all markets and will continue to focus on its seven strategic priorities that lead to what we refer to as our Killer Theme - our evolution from travel agent to world class travel retailer," he said.

Flight Centre announced an fully-franked interim dividend of 55 cents per share, up from 46 cents per share a year ago.

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Westfield says Aust business resilient

Shopping centre giant Westfield Group has suffered a 6.7 per cent slide in its full year profit. Source: AAP

AUSTRALIAN Westfield shopping centres have proved highly resilient, with near record low vacancy rates and growing rents despite retail conditions continuing to be challenging.

Shopping centre owner Westfield Group announced on Wednesday that its annual profit has dropped by seven per cent due to its sale of several US malls and the buyback of its own securities.

But the company said the Australian business had performed well in tough but improving trading conditions.

"In Australia our portfolio remains strong and robust with vacancies near historic lows, improved retail sales environment, continued growth of average rents and comparable net operating income," co-chief executive Steven Lowy said.

The company's shopping centres in the US were 94.5 per cent leased, while UK shopping centres were 99.3 per cent leased and Australian and New Zealand centres were 99.5 per cent leased.

The company will spend $4.7 billion on construction projects which are currently underway including Mt Gravatt in Brisbane and Miranda in Sydney as well as Bradford in the UK.

It also plans to spend a further $3 billion on future development activities in Australia and New Zealand.

During the year, the group sold seven malls in the US, as well as joint venture interests in Brazil and Karrinyup in Western Australia.

Westfield Group also bought back 150.3 million securities in 2013, at an average price of $10.53 per security.

In December Westfield Group announced a restructure proposal to split its Australian and New Zealand business from its international business.

Under the proposal, the Australian and New Zealand business would merge with Westfield Retail Trust, a joint owner of Westfield's Australian centres, to form Scentre Group.

The international business would become Westfield Corporation.

Westfield Group and Westfield Retail Trust shareholders are expected to meet in late May to vote on the proposal.

Shareholders will receive an interim fully-franked dividend of 51 cents per security, up from 49.5 cents in 2012.

At 1520 Westfield shares were down 31 cents, or 2.9 per cent, to $10.37.

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