News: Leighton to write off BrisCon investment

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Construction company Leighton Holdings Limited (ASX:LEI) will write off its $63 million investment in toll road operator BrisConnections UnitsTrusts (ASX:BCS)

BrisConnections indefinitely placed its shares in a trading halt yesterday, warning it could be worth less than its debt as it starts talks with lenders.

Leighton says it will now impair its deferred equity commitment to BrisConnections but says the impairment will be offset by a $115 million gain on the sale of the Thiess Waste Management business.

The company has confirmed it expects to deliver an underlying net profit of between $400 million to $450 million in the full 2012 calendar year. 

Leighton Holdings posted a net profit of $106 million in the first half of the 2012 financial year.