Lendlease’s losses deepen after tough year in property

[Pelican Press 0]

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Lendlease’s losses deepen after tough year in property

Construction and real estate management company Lendlease has reported a blowout in its bottom-line, on the back of challenging market conditions.

The group reported a net loss of $1.5 billion for 2023/24, which was much worse than the loss of $232 million in the previous year.

The loss was attributed to $1.4 billion of impairments and other charges related to a revised corporate strategy and a $260 million hit from lower property valuations.

Core operating profit after tax – its preferred measure of underlying earnings – was $263 million, up two per cent.

“Our results for FY24 reflected challenging business conditions and the early actions from our refreshed strategy,” CEO Tony Lombardo said in a statement on Monday.

“We have made significant progress towards our target of recycling $2.8 billion of capital in FY25, with further cost savings realised as a result of our simplified management structure.”

Lendlease has been retreating from its overseas operations to focus on its domestic businesses.

Lendlease declared a final distribution per security of 9.5 cents, taking the total for the year to 16 cents.

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