Leighton Loses $80 million in quarter
Announcement posted by DesignBuild Source 10 May 2012
Business
Bad news continues to come in for engineering and construction giant Leighton Holdings as the company announced an $80 million loss for the March quarter and re-confirmed previous statements that its full year profit result for 2012 would be impacted by cost overruns and delays associated with two major projects.
In a statement on Tuesday, the company said previously announced write-downs on the Airport Link (APL) in Brisbane and the Victorian Desalination Plant (VDL) had pushed March quarter earnings into negative territory.
As a result, the company said it suffered an $80 million loss after tax and minorities for the quarter.
The company also reconfirmed previous statements that ‘underlying’ net profit after tax (NPAT) for the six months to June 30, 2012 would be in the range of $100-$150 million and that NPAT for the full 2012 calendar year would fall in the range of $400-$450 million.
The write-downs foreshadowed by the company in March amounted to $254 million before tax. Of this, $148 million was attributed to APL and $106 million to the desalination plant....
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In a statement on Tuesday, the company said previously announced write-downs on the Airport Link (APL) in Brisbane and the Victorian Desalination Plant (VDL) had pushed March quarter earnings into negative territory.
As a result, the company said it suffered an $80 million loss after tax and minorities for the quarter.
The company also reconfirmed previous statements that ‘underlying’ net profit after tax (NPAT) for the six months to June 30, 2012 would be in the range of $100-$150 million and that NPAT for the full 2012 calendar year would fall in the range of $400-$450 million.
The write-downs foreshadowed by the company in March amounted to $254 million before tax. Of this, $148 million was attributed to APL and $106 million to the desalination plant....
Continue Reading