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.