Construction company announces loss

Australia's biggest construction company announces loss

Australia’s biggest construction company posted a 409 million Australian dollar loss for the fiscal year ending June 30.

Leighton said in a statement to the Australian Securities Exchange the loss was due largely to an airport link that cost the company 520 million Australian dollars and a desalination plant that cost 278 million Australian dollars. The result was a major turnaround from the 612 million Australian dollars profit in the previous year.

Leighton’s Gulf-based subsidiary Al Habtoor Leighton Group also lost 492 million Australian dollars. The losses were partially offset by the sale in April of 35 per cent of subsidiary Leighton India to Welspun Group for 4.7 billion rupees.

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