UPDATE 1-Australia's Lendlease posts lowest FY profit in 9 yrs, cuts dividend [Reuters (UK)]
LENDLEASE CORP LTD S/ADR (LLESY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
UPDATE 1-Australia's Lendlease posts lowest FY profit in 9 yrs, cuts dividend - Reuters 2 Min Read (Adds CEO quote, background on engineering and services unit) Aug 19 (Reuters) - Australian construction firm Lendlease Group on Monday reported its lowest annual profit since fiscal 2010, dragged down by the underperforming engineering and services business it has up for sale. Net profit slumped 41 percent to A$467 million ($316.8 million) for the year ended June 30, compared with A$793 million a year ago, the company said. The Sydney-based firm said that the sale of the engineering and services unit, which it deemed to be non-core following a review last year, has generated “a good level of interest” with several parties undertaking due diligence. Reuters reported in March that Lendlease had appointed bankers to run the sale, citing sources aware of the planned deal. The unit was hit by delays and low productivity at a major tunneling project in Sydney. “It was a difficult year for the
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