Lend Lease will cut 2000 jobs and sideline about $2bn worth of projects globally to survive the worsening economic conditions after booking an interim after-tax loss of $596.4m.
Dividend has been cut from 43c to 25c a share. The loss follows previously announced asset write-downs of $780m. Analysts said the result was in line with expectations.
Lend Lease, which is building the Olympic Village for London 2012, said net operating profit for the 2009 full-year was expected to be between $380-$400m, 10-15% than the previous corresponding financial year.