Business
CIMIC back in profit but cash flows crunched – The Australian Financial Review
The new team running Australia’s biggest construction group is taking a more cautious approach to recognising profits and project problems.
The results are the first to be delivered under Mr Santamaria, CIMICs new chief executive and executive chairman, and new chief financial officer Emilio Grande.
Mr Santamaria took on the CEO job in February 2020 after CIMIC reported a $1 billion net loss and then assumed full control of the company in early November after being named executive chairman.
The Spanish-owned companys Madrid bosses were unhappy that former executive chairman Marcelino Fernandez Verdes, who took an optimistic approach…
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