Construction company Leighton Holdings Ltd
(ASX:LEI) has announced full year profit after tax of $440 million down 28 per cent from $608 million recorded the year before.
The company says its profit was impacted by a reduced property development contribution and investment impairments.
Leighton says its work in hand remains close to record levels at $37 billion, the order book boosted by the award of some $25 billion of new work, extensions and variations during the period.
Total revenue rose 26 per cent to $18.3 billion compared to $14.5 billion recorded last year.
Leighton Holdings says for the 2010 financial year the group is confident that revenue will exceed $19 billion and expects net profit after tax of around $600 million.
CEO Wal king says the result represents a similar level of operating performance to the last year and provides a good base for the group to resume profit and revenue growth in 2011 and beyond.
Leighton Holdings declared a final dividend of 55 cents a share. Leighton Holdings profits have been growing each year for the past four years.
Print and distribution company PMP Ltd (ASX:PMP) has reported a loss for the full year and expects market conditions to continue to be challenging throughout 2010.
The company posted a net loss of $27.2 million for the 12 months to June 30, down from a profit of $78.9 million last year.
PMP recorded $65.2 million in significant items related to restructuring initiatives including redundancy costs and asset write-downs.
The company’s net profit before significant items came to $18.2 million down 61 per cent from last financial year.
CEO Richard Allely says the potential for revenue growth will be limited in the year ahead.
Mr Allely says beyond fiscal 2010 the group has enormous potential to generate good cash flows to pay down debt and reward shareholders.
PMP says it will not be declaring a final dividend for the year ended June 30. PMP’s profits have been rising over the last four years.
Lend Lease Corporation Ltd (ASX:LLC) says it has agreed to purchase nine aged care facilities and four retirement villages from Prime Retirement and Aged Care Property Trust in a deal worth $76.75 million.
The facilities and villages are currently leased and managed by Lend Lease Primelife, who will continue to manage the properties after the change on ownership.
The company says settlement of nine of the acquired properties is expected to be completed by the end of September, with the remaining four conditional on a number of consents including approval from the Department of Health and Ageing.
CEO Steve McCann says the acquisition is important for Lend Lease’s aspirations in the retirement sector and enables Lend Lease Primelife to focus on operating its business as a leading manager of retirement and aged care assets in Australia. Lend Lease’s 2008 net profit nearly halved from its high the year before of close to half a billion dollars.
