Slimmed down Lendlease posts first profit in two years

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Slimmed down Lendlease posts first profit in two years

Lendlease has posted its first statutory profit in two years as the property developer slims down, shedding thousands of roles and abandoning its international ambitions.

The company announced on Monday it had made a statutory profit of $48 million in the six months to December 31, compared with a $136 million loss in the same time a year ago.

Lendlease posted a half-year operating profit of $122 million, from a $11 million loss a year ago.

“Our results for 1H25 reflect significant progress in-line with our strategy announced last year, as well as a return to statutory profit,” said chief executive Tony Lombardo, referring to a plan to abandon barely profitable overseas projects, pay off debt and eventually return billions to shareholders.

“We continue to move at pace to simplify the group and focus on improving our operational performance.”

Lendlease said it had already completed $1.9 billion in overseas asset sales, and had a number of other transactions under negotiation.

It is on target to reduce its full-time staff by 4000 by the end of this year.

Lendlease completed its three One Sydney Harbour residential skyscrapers in Barangaroo during the half, and says its One Circular Quay 58-level building is 77 per cent pre-sold by value.

It has also signed an agreement in principle to build a “large luxury residential development” that is expected to be announced in the second half.

Lendlease said it would pay an interim distribution of six cents per share, down from 6.5 cents per share a year ago.

Lendlease shares were changing hands at $6.65 on Monday morning, down 1.3 per cent from Friday’s close.

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