Aug 14 (Reuters) – Australian developer Lendlease Group (LLC.AX) on Monday it posted a drop of more than 134% in its annual loss, reflecting difficult trading conditions and lower property valuations, along with the impact of legislation in the UK.
Lendlease had previously signed a contract and taken a provision of A$295 million ($191.69 million) against possible liabilities for its UK properties due to industry-wide action by the UK government.
Its statutory after-tax loss for the year was A$232 million, compared with A$99 million reported a year ago, the company said.
($1 = 1.5389 Australian dollars)
Reporting by Rishav Chatterjee in Bangalore
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