However, these losses are expected to rise now that the Football Association has dropped plans to stage the FA Cup Final at Wembley, as GlobeSt.com reported yesterday. Total losses from Wembley have now reached A$475 million ($352.18 million).

Multiplex's chief executive Andrew Roberts, today described the losses as "extremely disappointing" but believed there would be no more to come--as long as the group wins certain recoveries from disputes with subcontractors. "We believe this represents the final loss impact on Wembley," he said. The reconstruction of Wembley was originally due for completion on Jan. 31 and Multiplex is still negotiating an extension of time before penalties for late completion start applying.

The half-year net loss has also triggered breaches of financial covenants that Multiplex has with a number of banks and insurers, mainly over its bond facilities. An analyst in London warned: "This means the banks now have considerable control over the company."

Roberts countered any concerns about the breach of covenants by saying that Multiplex debts were mainly secured against the A$2.95 billion ($2.19 billion) worth of assets in its property trust. These have not been affected by the Wembley project. But he confirmed that the company was now looking at selling off some of its UK properties "down to the core projects" after the Wembley losses cut into its free cash flow.