Leighton to book $427 million loss

Australian contractor Leighton Holdings Limited revises down its full year 2010/11 financials with expected $427 million of loss versus its previous guidance for an after tax profit of $480 million.

The revision is primarily due to write–backs of expected profit on the Airport Link project in Queensland and the Victorian Desalination Project, and an impairment of Leighton’s investment in the Habtoor Leighton Group (HLG).