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Lend Lease Group (ASX:LLC) has reported a first half profit fall but says its outlook is positive and its strategy is on track.
The property developer’s net profit declined 16.4 per cent to $251.6 million in the last six months of 2013, in the same period revenue dipped 3.7 per cent to $6.5 billion.
CEO Steve McCann has described the interim results as solid and highlighted the company’s global development pipeline with an estimated end value of $38.4 billion at the end of 2013.
Mr McCann says the company’s development business is in a strong position to leverage positive trends in the residential sector and its construction business has proved resilient.
Looking ahead Mr McCann believes forward sales in residential development business and embedded returns in Lend Lease’s pipeline of opportunities underpin its earnings visibility over the next three years.
An unfranked interim dividend of 22 cents per share has been declared, in line with year before.
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