Lendlease in a hole

Mercury (Hobart) - - BUSINESS -

LENDLEASE is launch­ing a re­view of its en­gi­neer­ing and ser­vices unit af­ter prob­lems on projects in­clud­ing Syd­ney’s NorthCon­nex mo­tor­way tun­nel forced it to take a $350 mil­lion post-tax im­pair­ment in its first-half re­sults. Lendlease’s shares plum­meted 17 per cent af­ter it an­nounced the move it said was mostly re­lated to lower pro­duc­tiv­ity in post­tun­nelling phases of NorthCon­nex.

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