Australia's Lend Lease posts 39 pct rise in H1 net profit

SYDNEY Sun Feb 17, 2013 5:28pm EST

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SYDNEY Feb 18 (Reuters) - Lend Lease Corp Ltd, Australia's largest property developer, posted a 39 percent rise in first-half net profits on Monday, boosted by land sales on its flagship A$6 billion Barangaroo Sydney waterfront development.

Lend Lease said net profit after tax was A$302.3 million ($312 million), compared with A$217 million a year ago.

The group's net assets increased 5 percent to A$4.09 billion at the end of December 2012, compared to the prior half.

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