Lendlease reported a $264 million net loss after tax in the first half and promised performance over the six months to June would improve as residential sales in its core communities business picked up on improving sentiment and as border restrictions eased.

Investors believed the message that the diversified developer and investor was over the worst, leaving shares little changed on Monday at $10.31 despite development earnings plunging as residential settlements halved and construction earnings falling by one-fifth due to COVID-19.