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Lend Lease Profit Drops on Tough U.K., Australia Building

Lend Lease Group, Australia’s biggest listed developer, said first-half profit fell amid challenging construction markets in Australia and the U.K. and after last year’s one-time boost from a Sydney redevelopment.

Net income declined 16 percent to A$251.6 million ($227 million) in the six months to Dec. 31 from A$300.9 million a year earlier, the Sydney-based company said in a statement to the Australian stock exchange.