Lendlease has reported a net loss of $318 million for the half-year ending December, a significant downturn compared to the $48 million profit recorded in the previous year. The ASX-listed company attributed the loss to investment property devaluations and lower earnings from its developments business, which outweighed improvements in the construction sector. Lendlease is an international property and investment group with operations in Australia, Asia, Europe and the Americas. The company’s core capabilities are reflected in its expertise across development, construction and investments management.
Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) also declined, falling from $341 million to $204 million during the first half. Total operating EBITDA swung to a loss of $135 million, a sharp contrast to the $318 million profit in the corresponding period. Despite these setbacks, Lendlease reported an increase in net tangible assets per share, rising to 717 cents from 655 cents at the end of June.
The company has increased its interim dividend to 6.2 cents per share, up from 6 cents, with payment scheduled for March 18. According to outgoing chief executive Tony Lombardo, the current financial year is a transitional one.
Lombardo added that the company anticipates stronger earnings from investments, development, and construction in the second half of the financial year and into FY27.
