Shares to Sell Leighton Holdings (LEI)
15th Feb 2011
Leighton Holdings (LEI) activities focus on contract management, project management, and property development in Australia, Hong Kong and South East Asia.
LEI has been one of the shares to sell since announcing a profit warning last November.
On 14 February, LEI reported a fall in 1H11 net profit to $216.7 million, down 25% from 1H10’s $288.9 million.
Excluding the sale of its 35% stake in Indian-based Welspun Corp, LEI would have reported a profit of just $14.7 million.
Leighton Holdings attributed the weak result to wet weather in Queensland impacting some of its mining projects, a stronger Aussie dollar, and a write-down of its 45%-owned Habtoor Leighton Group in Dubai.
The group declared an interim dividend of 60 cents a share, down from 85 cents a year earlier.
The result, which missed analyst estimates, resulted in LEI downgrading its full year guidance by 5.8% to $480 million.
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