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Australian developer Lendlease Group on Monday posted a more than 134 per cent fall in its annual loss, reflecting tough trading conditions and lower valuations for its properties coupled with impact from legislation in the United Kingdom.
Lendlease had earlier signed a contract and had taken an A$295 million ($191.69 million) provision against potential liabilities for its properties in the U.K. because of industry-wide action by the country’s government.
Its statutory loss after tax for the year came in at A$232 million, compared to A$99 million reported a year ago, the company said.
($1 = 1.5389 Australian dollars)
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