Lendlease LLC reported FY20 NPAT of -$310m. The sale of the engineering business unit to Acciona is expected to complete soon with a sale of $160m, lower than the original $180m announced.
Lendlease is facing subdued trading conditions as the company navigates the effects of COVID-19, with development, investment, and construction income all down over 50% for the June period.
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Despite short-term uncertainty, the long-term value remains attractive and the company’s strong balance sheet should provide it with resilience.
