Lendlease reassured investors on Thursday that its troubled Melbourne Metro Rail project was unlikely to cost them more money even as it reported a 13.2 per cent decline in after-tax profit for the six months to December.
The developer, which maintained the expected costs of exiting its troubled engineering and services businesses at between $450 million and $550 million, also said it would this financial year complete the $180 million partial engineering sale, paving the way for an improved result in 2021.
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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
