By a staff reporter
Lend Lease Ltd is tipping earnings growth over the next three years after recording a solid jump in full year net profit but is warning on a weakening domestic construction market and challenging macro economic conditions.
Investors cautiously welcomed the news, sending Lend Lease shares 1.11 per cent higher at 1205 AEST to $9.12, against a benchmark rise of 1.18 per cent.
Net profit grew 10 per cent to $551.6 million for the year, from $501.4 million in the previous corresponding period, on the back of earnings from new joint ventures and two new commercial tower at Barangaroo South.
Revenues rose 5.7 per cent rise to $12.2 billion in the period, from $11.54 billion.
It will pay an unfranked final dividend of 20 cents.