Investors punished Lendlease, sending the shares down 14 per cent after Australia’s biggest global property developer reported a 42 per cent slump in profit on weaker development revenue and slashed its earnings outlook.
Lendlease shares closed down $1.05 to $6.46 – after falling more than 17 per cent – after the developer, builder and investor said its core operating profit plummeted to $61 million, one-third of the figure analysts expected.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
