Lendlease (ASX:LLC) downgrades FY21 earnings on Covid-19 pandemic blues

Company News

by Melissa Darmawan

Global infrastructure company Lendlease (ASX:LLC) has issued a lowered profit update for financial year 2021 of $375 million to $410 million due to the looming effects of the Covid-19 pandemic.

The $7.9 billion property firm expects its 2021 full year statutory profit to land within the range of $200 million to $320 million after tax.

"The challenging operating conditions associated with COVID-19 continue to affect each of the segments in which the group operates globally” said chief executive Tony Lombardo.

New global chief Tony Lombardo, who recently replaced 16-year veteran Steve McCann in June announced that he is undertaking a wide-ranging review of the business.

The global property giant is set to provide an update on the outcome from the review at their full year results announcement on 16 August.

Shares in Lendlease (ASX:LLC) are trading 1.31 per cent lower at $11.31.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.