Leighton

Leighton Holding’s share price dropped 7% today as it announced $254m of new losses on its Airport Link project in Brisbane and the Victorian desalination plant. The full year profit forecast (it has a calendar year end) has similarly been revised down from $600m-$650m to $400m-$450m or $1.19-$1.34 per share. The result augurs poorly for the final dividend, which can only increase after it was skipped last year. It’s hard to gauge when the bad news will end. Following the departure of long-term chief executive Wal King in 2011, Leighton has lost other key executives David Stewart (King's successor) and...

Leighton Holding’s share price dropped 7% today as it announced $254m of new losses on its Airport Link project in Brisbane and the Victorian desalination plant. The full year profit forecast (it has a calendar year end) has similarly been revised down from $600m-$650m to $400m-$450m or $1.19-$1.34 per share. The result augurs poorly for the final dividend, which can only increase after it was skipped last year.

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