August 22, 2019 / 8:46 AM / 4 months ago

Infrastructure firm John Laing profit tanks; shares fall 9%

Aug 22 (Reuters) - Infrastructure firm John Laing reported an 80% fall in first-half earnings on Thursday, hurt in part by a year-earlier one-off gain, sending its shares sharply lower.

The earnings, which also showed writedowns on renewable energy assets in Australia and European wind assets, sent the shares down 9% to a six-month low of 346.4 pence.

John Laing’s pretax profit for the six months ended June 30 fell to 35 million pounds ($42.5 million) from 175 million a year earlier.

A year earlier the company had booked a 87 million pound one-off gain from a disposal.

$1 = 0.8235 pounds Reporting by Muvija M and Noor Zainab Hussain in Bengaluru

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