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Lend Lease has posted an annual after-tax loss of $654 million after experiencing a slow down in all of its key markets including project management, and construction and real estate development.
Last year, the real estate posted a $254 million profit.
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Setting aside adjustments made for investment losses and one-off charges, Lend Lease's annual operating profit fell 29 per cent to $307.5 million, compared to almost $843 million a year ago.
Despite the significant loss, the company said it had a positive outlook and was forecasting increased government infrastructure projects.
The company will pay a final dividend of 16 cents, to make total annual dividends 41 cents, or 31 cents franked.
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