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Pandemic contributes to profit tumble for construction giant Lendlease – NEWS.com.au

Construction group Lendlease’s profit tumbles due to pandemic, engineering exit

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Construction giant Lendlease has posted a full-year earnings slump, saying the disappointing result is due to the cost of selling its non-core engineering business and the impact of COVID-19.The company posted a statutory net loss of $310 million for 2019-20 after spending $368 million on the planned exit from its engineering division, which is now expected to cost a whopping $550 million before tax.
Its core business, however, achieved a net profit of $96 million.
Lendlease said the hit to it…

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