Lend Lease Posts Rise In Profit

Lend Lease Group LLESY reported a 50% rise in its earnings for the full year boosted by the sale of shopping mall in England. The company also raised its dividend payout. The Australia company posted a net profit of 822.9 million Australian dollars (US$766.5 million) in the 12 months, versus a year-ago profit of A$549 million. Its revenue climbed 5.9% to A$13.94 billion compared to A$13.16 billion. In late June, Lend Lease Group expected a profit of A$810 million to A$830 million. The company lifted its final dividend to 49¢ from 42¢. Lend Lease Chief Executive and Managing Director Steve McCann said, "The group has an estimated development pipeline end value of $37.7 billion up $300 million, a construction backlog revenue of $16.2 billion and funds under management of $16.3 billion, up 9 per cent, which gives us a solid base for the coming years." Lend Lease Group shares gained 0.78% to close at $12.91 yesterday.