Lendlease suffers pandemic hit as only construction improves
Key Points
- Revenue ($m) 4.93b, down 25.4pc from year-earlier 6.61
- Pretax profit ($m) 246 v 345
- Net profit 196 v 313
- Interim dividend 15c v 30c, payable on March 17
Lendlease’s outgoing chief executive Steve McCann is confident his legacy of global urban regeneration projects will outlast the short-term hit from COVID-19 which dragged the company’s first-half results below expectations, offset only partly by a better-than-expected construction performance.
The developer, builder and investor on Monday reported a below-consensus first-half pre-tax operating profit of $205 million that was boosted by a 3 per cent gain in construction EBITDA profit to $104 million, even as construction revenue fell 21 per cent from the same period a year earlier.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Commercial
Fetching latest articles