Leighton trading halted ahead of airport link announcement

Leighton Holdings (ASX:LEI) has been placed in a trading halt ahead of a quarterly review likely to impact on its earnings guidance.

In a statement to the ASX, the construction and engineering giant suggested the projected financial performance of its Brisbane Airport Link Project would change.

Leighton’s disclosure process has come under scrutiny lately.

Earlier this month Leighton was fined $300,000 by the Australian Securities and Investments Commission for slow disclosure to financial markets.

Two of Leighton’s projects – the Brisbane airport link and Victoria’s desalination plant – are now facing losses. Leighton told investors last month the operational performances at the projects had stabilised, and that both projects were making “good progress”.

Yesterday Leighton won a $300 million contracted with the federal government’s National Broadband Network, and the company also appointed a new managing director, Ian Edwards, to its Asia, India and Offshore division.

Leighton provides design management, civil engineering construction, building, mining, process engineering, telecommunications and infrastructure operation services. In February it was revealed the company’s operations in Iraq were under investigation by the Australian Federal Police for suspected corruption.

Leighton’s share price has decreased 15% in the last 12 months and last traded at $23.75.


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