Lendlease Corp. Ltd. CFO Tarun Gupta said the company is planning to buy back up to A$500 million of the company's shares on the market.
Gupta noted the plan has been approved by the board and is subject to the ongoing review of the company's surplus capital position, market conditions and growth opportunities.
The CFO of the Australia-listed company — which has global exposure to property development, management and construction — also said the capital management initiative is attributable to the company's "robust" financial results backed by the strong performance from its development segment underpinned by the residential sector.
For the half-year ended Dec. 31, 2017, Lendlease's profit after tax grew 8% on the year to A$425.6 million and its net operating and investing cash flow was recorded at A$825.2 million. The company also announced a 34 cent-per-stapled-security interim distribution, which is up 3%.