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Lend Lease Group (ASX:LLC) has boosted its annual net profit by 10 per cent on the back of revenue gains from its Barangaroo hotel and casino development in Sydney.
The construction company delivered a higher than expected net profit of $551.6 million in fiscal 2013.
An initial contribution from the first two commercial towers at Barangaroo South aided the result in addition to major wins on new projects such as the $2.5 billion Sydney International Convention, Exhibition and Entertainment Precinct.
CEO and Managing Director Steve McCann says in spite of a challenging market the company’s pipeline provides significant earnings visibility and a platform for a strong growth trajectory over the next three years.
An unfranked final dividend of 20 cents per share has been declared, bringing the full year payout to 42 cents per share which is up 11 per cent from the year before.
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