Australia's Lendlease reports $1 bn loss amid strategy shift, delays

Australia's Lendlease on Monday reported a wider annual loss as the real estate developer grappled with the impact of an operational strategy shift and delays in reviewing the sale of community projects.
 

Lendlease, the country's largest property developer, builder and real estate investor, is looking to retreat from its overseas construction business, freeing up upto A$4.5 billion ($3.01 billion) in capital in the process.
 

The firm had in May warned that its annual core earnings would take a hit due to the Australian competition regulator delaying its review on a sale of community projects to peer Stockland Corp by over two months in an A$1.3 billion deal.
 

The country's largest property developer reported a full year loss after tax attributable of A$1.50 billion ($1.00 billion) as compared to a loss of A$232 million a year ago.
 

"Our results for FY24 reflected challenging business conditions and the early actions from our refreshed strategy," chief executive Tony Lombardo said, adding that the company has realised further cost savings as a result of a simplified management structure.