Late payments worsen Leighton's cash flow - The National

Late payments worsen Leighton's cash flow - The National:

"Leighton Holdings, which operates in the UAE and across the region, said yesterday that late payments from clients had grown in the first six months of the year, hitting cash flow at Australia's largest builder.

Leighton, which has projects in Australia, Asia and the Middle East, said receivables, or outstanding payments for a company, rose to A$4.4 billion (Dh14.75bn) at June 30, from A$3.8bn for all of 2012.

Receivables grew due to rising numbers of private-sector projects, "scope growth" on certain resources projects and the "complexity and time-consuming nature of valuing and negotiating project variations", the company said."

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