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Builder Icon swings to loss, gets cash boost from Japanese parent

Michael Bleby

Icon, the builder best known for Sydney’s ill-fated Opal Tower residential project, swung to a net loss of $17 million in the year to December from a profit of $9.4 million as project delays, soaring costs and the impact of subcontractor failures more than offset an increase in revenue.

The builder said it also received a $30 million cash injection from its Japanese parent Kajima Corporation last year. Its current projects include the $135 million Kingston Centre residential aged care facility in southeastern Melbourne, Gold Coast’s $154 million health sciences innovation centre of excellence and a $45 million birthing centre in Honiara, Solomon Islands.

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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. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social. Email Michael at mbleby@afr.com

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    Original URL: https://www.afr.com/property/commercial/builder-icon-swings-to-loss-gets-cash-boost-from-japanese-parent-20250505-p5lwju