August 26, 2014 / 11:07 PM / in 3 years

Australia's Lend Lease posts 50 pct rise in 2014 net profit

SYDNEY, Aug 27 (Reuters) - Lend Lease Corp Ltd, Australia’s largest property developer, said on Wednesday annual net profit jumped 50 percent, meeting recently upgraded company forecasts, as it benefited from the sale of its stake in a UK shopping centre.

Net profit came in at A$823 million ($766 million) for the year to June 30, up from A$549 million the previous year and in line with the A$822.4 million average forecast of nine analysts polled by Thomson Reuters StarMine.

In June, Lend Lease said it expected annual net profit between A$810 million and A$830 million after selling its interest in Bluewater Shopping Centre to Land Securities Group PLC for 696 million pounds. ($1 = 1.0739 Australian dollar) (Reporting by Swati Pandey and Byron Kaye; Editing by Richard Pullin)

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