Multiplex chief pays dearly for Wembley
John Roberts quit as executive chairman of Multiplex Group, Australia's worst-performing property stock, after the company said losses at its Wembley Stadium Project in London may "significantly" exceed the A$50 million ($53.4 million) his family agreed to cover.
Wednesday, June 1st 2005, 7:50AM
by The Landlord
An internal report indicates the profit margin at the A$1.2 billion Wembley project "may have deteriorated significantly," Sydney-based Multiplex said yesterday.The company will give more details when it updates 2005 and 2006 profit forecasts next week, spokesman Mathew Chandler said.
Multiplex is confident it will complete the 90,000-seat stadium project in time for the English FA Cup final on May 13 next year, Chandler said. Multiplex shares dropped 42 per cent since February 24, when the company reversed previously booked profit from the stadium because a contractor dispute boosted costs.
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