08 May 2008
Australia: Australia's two largest construction companies have reported weak profits for the fiscal year.
Lend Lease made a net profit of AU$ 211 million (US$ 162 million) for the year ending June 30, a —27% decrease on 2004. However, removing one—off events, which include costs associated with the proposed acquisition of GPT, and a large one—time profit from a disposal in 2004, like—for—like profits increased +13.5%. The company had revenues of AU$ 9.54 billion (US$ 7.34 billion) last year, a —1.9% decrease on 2004.
Multiplex made a net loss of AU$ 17.3 million, (US$ 13 million), compared to a profit of AU$ 88.4 million (US$ 68 million) last year. It attributes much of the blame to losses it is incurring on the construction of Wembley Stadium, in the UK. Company revenues were up +24% at AU$ 4.15 billion (US$ 3.19 billion).