Lend Lease first-half profit slides 96 per cent

Company News

by Anna Napoli

Construction firm, Lend Lease (ASX:LLC) has announced its half year results for financial year 2019 with profit (NPAT) falling 96 per cent to $15.7m compared to the year earlier period.

The disappointing result came as its local engineering and services business continued to underperform.

Funds Under Management (FUM) grew by 20 per cent to $34.1 billion.

Operating earnings EBITDA (ex E&S) decreased 34 per cent to $973.5 million.

The company has announced an interim dividend of 12 cents.

A $500 million pre-tax impact from previously announced expected losses on Engineering projects also impacted results.

Lendlease may offload its Engineering and Services unit after a review determined the business is non-core, and is no longer a required part of the Group’s strategy.

Shares in Lendlease (ASX:LLC) closed 2.16 per cent higher to $14.19 on Friday.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.