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Lend Lease reports dive in profits

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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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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