Lendlease said on Monday the engineering and services business would be reported as non-core in the fiscal 2019 results and beyond following a strategic review. Restructuring the overall business could cost between $450 million and $550 million before tax, it said.
Loading
The company expects its earnings from the development segment to be skewed to the second half of the financial year.
The construction group faces headwinds from a drop in building approvals owing to a steep decline in the domestic real estate market. Fears of an oversupply brought infrastructure projects in Australia to a five-year low in December, prompting profit downgrades from a number of LendLeases rivals.
Its shares dropped as much as 8.4 per cent to $13, their lowes…
Read the full article at: https://www.smh.com.au/business/companies/lendlease-half-yearly-profit-plunges-on-troubled-engineering-arm-20190225-p50zzn.html