CONSTRUCTION GIANT IMPAIRS INVESTMENT IN BRISCON

Written on the 14 November 2012

CONSTRUCTION GIANT IMPAIRS INVESTMENT IN BRISCON

LEIGHTON Holdings expects to lose a $63 million investment in struggling Brisbane toll road operator BrisConnections.

BrisConnections, owner of Brisbane’s Airport Link toll road, has entered formal negotiations with its lenders and other stakeholders, after admitting on Monday the company’s value may be less than its outstanding debt.

Leighton has responded today by confirming it will impair the remaining $63 million book value of its commitment to BrisConnections.

The company maintains there will be no impact on Leighton Holdings’ previously advised underlying net profit after tax of $400 to $450 million for the year ending December 31, 2012.

A pre-tax capital gain of $115 million earned on the recent sale of Thiess Waste Management will offset the impairment.


Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter