Lendlease profit slides 41%

Company News

by Rachael Jones

Construction firm Lendlease Group (ASX:LLC) report a 41 per cent drop in annual profit after tax from $793 million last year to this year's $467 million for the year ended June 30.

These figures come from underperformance of its engineering and services business.

This section saw financial year 2019 EBITDA loss of $461 million includes $500 million pre tax provision from underperforming projects accounted for in HY2019.

Three major urbanisation projects were added to the pipeline during the year in Sydney, Chicago and Milan. 

Shares in Lendlease Group (ASX:LLC) are trading 7.16 per cent higher at $14.51.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.