Lendlease Group $350 million write down

Company News

by Katrina Bullock

Property major Lendlease Group (ASX:LLC) is set to see a write down of about $350 million (after tax) in the first half of 2019.

It comes on the back of a further deterioration in some of its smaller projects in its engineering and services business.

The group saw lower productivity in the post tunneling phase of NorthConnex and excessive wet weather.

It was also hampered by access issues and remedial works on other projects.

Shares in Lendlease Group (ASX:LLC) are trading 16.2 per cent lower at $14.63.