Lend Lease Profit Down 46.7 Percent, Seeks Successor for CEO

‘Lend Lease Year Profit Down 46.7 Percent,’ AAP, August 21, 2008.

Property Group Lend Lease Corp Ltd has posted a 46.7 percent fall in annual profit this week, after booking negative property revaluations and adjustments to the carrying value of some UK assets. Net profit was $265.4 million for the year ended 12 months ended June 30, down from $497.5 million in the previous year. The company's net operating profit, which excludes revaluations, rose 8.1 percent to $447.1 million.

CEO and managing director Greg Clarke stated: "We expect the current property market volatility to remain for the foreseeable future, with the timing of recovery in property markets in the US and UK dependent on the recovery of liquidity in the financial markets.” He did say, however, that “the Australian market is strong and, while slowing, should not see the same level of impact.”

Meanwhile, the company announced it had begun a search for a new chief executive, but stressed Mr. Clarke had “not resigned, given notice or been terminated.”