Shareholders in Lend Lease dumped shares yesterday, after the company slashed $100 million from its bottom line.
The gloomy British economy has limited Lend Lease s asset sales plans which were intended to account for 30% of 2009 profit. Further pressure may come when the property portfolio is revalued on June 30.
Despite all this, CEO Steve McCann suggested there are signs the market is bottoming out and positive signals were emerging for residential property.
The share price was down 3% to $7.33 yesterday.
ASX Code: LLC
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