Lendlease swings to 1H loss after seeing $118m in impairments, revaluations
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The news: Real estate giant Lendlease has swung to a first-half statutory loss of $318 million after confirming $118 million in negative investment property revaluations and impairments across its global portfolio.
The numbers: Analysts had expected to see a statutory profit of $26 million, according to Visible Alpha data.
The group reiterated its FY26 guidance for its investments, development and construction (IDC) arm for 28 cents to 34 cents share.
It also declared an interim distribution of 6.2 cents per security, up from 6 cents a year earlier.
The context: Lendlease’s outoing CEO Tony Lobardo said he expected stronger IDC earnings in the second half and into FY27.
The IDC business reported EBITDA of $204 million in the first-half period, down from $341 million in the prior corresponding period. The group noted “limited completions” in its development unit and lower transaction earnings in its investments division.
One Circular Quay and Victoria Harbour completions are expected to anchor improved IDC earnings in FY27, with FY28 earnings due to be supported by One Darling Point and Comcentre completions, the company said.
The source: ASX
