"However, the completion profile remains biased towards 2009 and beyond. Development earnings for 2008 are heavily dependent on the successful completion and sale (to interests outside the Group) of Eden, High Wycombe (UK) and the ATO Building at Latitude East (NSW)," it said.

The group's total revenue for the year was $3.5 billion, down 6 percent on last year. It experienced a $40.7 million outflow due to the Australian Security and Investment Commission's enforceable undertaking related to the Wembley Stadium project in the UK, but added $441 million in net profit from investment properties.

Earnings before interest and tax (EBIT) were $684.1 million, up from $310 million last year, the Multiplex Property Trust contributed $641.3 million in EBIT.

Its construction division contributed EBIT to the Group of $72.3 million, bouncing back from its June 2006 loss of $319.8 million). Operating revenue was $2.3 billion, down from 2.46 billion last year.

Multiplex's construction portfolio is growing in all regions, including 47 projects with a  total contract value estimated at $7.6 billion across Australia, New Zealand, the Middle East and the United Kingdom.

Locally it has continued to target large negotiated contracts in Australia and New Zealand and Public Private Partnerships, with its internal development projects for the region growing from $3.3 billion to $4.0 billion.

A sharp decline in development activity saw the earnings contributed by its property development division fall to $24.1 million, down from $100 million last year.

The contribution from facilities management improved to $8.5 million from $7.4 million, while funds management added $30.3 million, down from $53.8 million a year ago.

The Multiplex Property Trust's EBIT contribution was $641.3 million, increasing from $442.8 million in 2006.