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.