The board will have ordered a review of all other contracts, pricing, tender process etc prior to announcing this loss. It is the nature of the business that some contracts will not be profitable for whatever reason. I recall a time in the early/mid 2000s when Leighton had a particularly bad year. From memory the culprits were Spencer’s St Station in Melbourne (cost overruns) and the Hilton Hotel in Sydney (asbestos problems). Management will learn and move on, hopefully for the better but it will take time.
The board will have ordered a review of all other contracts,...
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