Global profit at Wembley contractor Multiplex fell 32% after slowdowns in property development and UK construction.
Net profit slipped from £82.5m to £56.1m in the 12 months to 30 June compared with the same period last year.
A spokesperson said it had reduced the value of its property portfolio to £178m because fewer developments had been finished. The spokesperson added: “Looking ahead to 2008 and 2009 we’re very happy with what’s in the pipeline.”
The report also confirmed that construction work in the UK had slowed down, with the value of contracts falling from £1.45bn at the end of June 2006 to £558m this year.
It also paid out £22m in legal fees and other expenses during the year.