Australia’s biggest construction group posted a $425 million annual net profit after changing the way it accounts for its equity stake in ASX-listed Ventia Services.
Australia’s biggest construction group, CIMIC, is battling soaring costs for materials and workers but delivered a $425 million annual net profit after changing the way it accounts for its equity stake in ASX-listed Ventia Services.
With group revenue and total expenses both running at about $11 billion, CIMIC lifted profits by recording $531.7 million of “other gains” related to its 32.8 per cent shareholding in Ventia, which it floated on the ASX in late 2021 with US partner Apollo Global Management.To record the gain, CIMIC reclassified its holdings in Ventia from an “associate” to a “financial investment” measured at fair value.
The Ventia reclassification also contributed to CIMIC’s work in hand dropping to $30.4 billion from $33.2 billion a year earlier.
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