Construction group Multiplex today said it had doubled net profits despite losing A$364m (£147m) on the beleagured Wembley Stadium project, which is now due to open next June - 18 months later than first planned.

The company reported full-year net profits of A$217 million compared with A$84 million for the previous year with a revaluation of its property portfolio offsetting of a 4 per cent fall in revenues and other income.

Excluding property revaluations, asset sales and other items, underlying net profit was A$51 million.

Multiplex has been busy selling assets after repeated delays and cost overruns at the Wembley project. It is looking to raise A$640 million selling a portfolio of office properties into a fund it plans to manage.

Multiplex has blamed the steel contractor Cleveland Bridge in part for the extensive delays that have turned the rebuilding of the 90,000-seat stadium into a fiasco beset by industrial disputes, collapsing drains and problems with sub-contractors.

In June a High Court judge ruled in favour of Multiplex on key issues relating to breach of contract in a dispute with Cleveland. But Mr Justice Jackson stressed that neither party had won "an outright victory" and urged both sides to reach an overall financial settlement through negiotation.

Earlier this month Multiplex said that the likely completion date had been pushed back because it claimed the owner of the stadium - Wembley National Stadium Ltd - had not yet started work which it was responsible for.

The company said that it had "sound" prospects for the current year but warned that few projects are expected for completion in 2007 which "would impact on earnings in the short term".

New accounting rules would delay booking profits on construction and development projects until work is completed. Multiplex said it expects to finish several projects only in 2008.

The shares dropped 2 per cent initially but closed up 3 per cent at A$3.55.

Multiplex also said it had agreed for construction company Westfield to assume full responsibility for the remaining design and construction works at its White City shopping centre project in London.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive