Lendlease profit up

LENDLEASE has chalked up a higher first-half profit on the back, it says, of strong performances in its development and investment business.

The development heavyweight yesterday posted a net profit of $425.6 million for the six months to December — up 7.8 per cent from the same period a year earlier.

Revenue jumped 9.4 per cent to $8.69 billion.

The group has declared an unfranked dividend of 34c a year, up 1c from a year ago, and announced an on-market share buyback of up to $500 million.