Lend Lease on track for $545 million FY 2013 earnings

Shareholders can rest a bit easier after this week's announcement.

Justin Loiseau

Justin Loiseau hails from the great united state of North Carolina, where he started his first business at the ripe age of five: melting crayons into candles. With the infamous Crayola Crash of 1994, Justin moved on to study economics and environmental studies as a Morehead-Cain Scholar at the University of North Carolina. He has worked in a variety of sectors across the globe, from management consulting to the United Nations, and once spent three months examining invasive snails in Vietnam. Justin discovered The Motley Fool in 2012 and it’s been love ever since. Creativity, contrarianism, kerfuffling… what more could one want? When he’s not playing the Fool, you can find Justin at the University of Auckland, where he is pursuing a Masters in Economics as a Rotary Ambassadorial Scholar. Justin finds biogas digesters fascinating and can unicycle a mile in seven minutes.

Published June 19, 2013 9:00 am AEST

Lend Lease (ASX: LLC) investors can rest a bit easier after this week's announcement that the company has sold off A$189 million of Singaporean assets to a new "Lend Lease Jem Partners Fund." The announcement came on Monday, but a Tuesday press release brought the news investors really wanted to hear.

This week's sale, along with increasingly lucrative Asian Development, Australian Infrastructure Development, and Australian Property divisions, have proven enough to keep the company on track for FY 2013 earnings. According to the release, Lend Lease expects its earnings to fall somewhere between $540 and $550 million, despite weaker underlying construction markets in Australia, Europe, the Middle East, and Africa.

""It is pleasing to be on track to deliver a solid result in line with market expectations in a tough market environment," said Lend Lease CEO and Managing Director Steve McCann in a statement. "In the last six months we have made solid progress on some of our major projects around the world, including Barangaroo in Sydney, Jem® in Singapore and healthy pre-sales in Elephant and Castle in London."

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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.

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