A slump in the property market has seen the profits of developer Lend Lease decline, posting an annual after-tax loss of $654 million.
Lend Lease’s annual operating profit fell 29 percent to $307.5 million, excluding adjustments made for investment losses and one-off charges.
Despite this, the property developer remains confident about the group’s outlook.
Chief executive Steve McCann said the group had performed well despite the challenging market conditions.
According to McCann the business was impacted by a lack of transaction activity in the property market.
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