Builder and developer Lend Lease has lifted its net profit 10 per cent thanks chiefly to a revenue boost from its Barangaroo project in Sydney.
Lend Lease made a net profit of $551.6 million for the 2012/13 financial year, up from $501.4 million the previous year.
The company said it recorded a nearly 18 per cent increase, to $506.6 million, in after tax profit from its Australian business, primarily due to earnings relating to relating to the first two commercial towers at Barangaroo South.
Chief executive Steve McCann said the company also won major projects including the $2.5 billion redevelopment of the Sydney Entertainment Centre precinct.
He said the company was set to continue to grow over the next three years despite uncertainty in the construction market.
‘‘While the market outlook presents challenges, the depth of our pipeline provides Lend Lease with significant earnings visibility and a platform for a strong growth trajectory over the next three years,’’ he said in a statement.
The company declared an unfranked final dividend of 20 cents.