Lend Lease tips profit rise
LEND Lease expects to post a modest rise in operating profit for its 2011/12 financial year.
LEND Lease expects to post a modest rise in operating profit for its 2011/12 financial year.
The developer today said it was on track to achieve an operating profit after tax of between $485 million and $505 million for the year to June 30, 2012.
The result excludes any profits from the Barangaroo South development in Sydney's CBD.
Lend Lease posted an operating profit after tax of $485.3 million in the year to June 30 2011.
Lend Lease chief executive Steve McCann said the result would be aided by the successful integration of the infrastructure business during the 2011/12 financial year.
"We are very pleased with a strong expected result in such a difficult market environment,'' he said in a statement.
Mr McCann said the company continued to recycle capital from its property assets and non-core businesses to invest in higher yielding opportunities.
Lend Lease shares closed at $7.20 on Friday.