Multiplex, the Australian developer and contractor which is in talks to sell a large part of it to its founders and a Canadian asset manager, put its Wembley construction woes behind to post a first-half profit.
Net profit for the second half of 2006 was A$295.6m (£119m), compared to a loss the year before of A$119.6m (£48m).
The development division made an operating profit of A$22.6m (£9.1m). Profits from construction were better than expected – A$42.7m (£17.2m). The fund management division made a profit of A$9.4m (£3.8m) and facilities management made A$4.3m (£1.7m).
All four divisions are the subject of a bid from Brookfield Asset Management and the Roberts family, which owns 25.6% of Multiplex. The Multiplex Property Trust, which is an investment property business, made a profit of A$332.6m (£134m) and is not included in the takeover bid.