Lendlease shares drop despite swing to half-year profit
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More news: Lendlease shares fell in early trading, even as the real estate and construction group swung to a first-half statutory profit.
Shares were down 2.1% to $6.60 at 10:40am AEDT, extending losses of more than 10% over the last 12 months.
Lendlease swings to HY profit, reiterates earnings guidance
The news: Real estate giant Lendlease reported statutory profit after tax of $48 million for the six months to December, swinging from a loss of $136 million in the prior corresponding period.
The numbers: Statutory profit after tax included negative investment property revaluations of $74 million, or a 3% total reduction.
Operating profit after tax totalled $122 million, up $133 million year on year.
Corporate costs decreased 61% on the prior-year period to $57 million, partly supported by cost savings as a result of the group's divestment of its international construction operations, announced in May last year.
Lendlease reiterated its full-year earnings-per-share guidance of 54 cents to 62 cents. The range includes approximately 18 cents per share secured during the first-half period and between 36 cents and 44 cents per share anticipated in the second half.
The context: Lendlease said it remains focused on simplifying and refocusing the business. It remains on track to execute $2.8 billion of capital recycling initiatives during the financial year, and intends to announce a share buyback.
The source: ASX announcement
