Construction giant Leighton Holdings has flagged what could be another earnings downgrade caused by its troubled Airport Link road project in Brisbane.

Trading in Leighton shares have been halted until Thursday as the company considers the financial effects from its quarterly review of its businesses.

In a statement to the Australian Securities Exchange (ASX), Leighton made particular mention of the $4.1 billion Airport Link project, which had made a loss due to higher than expected costs.

“The trading halt is necessary for Leighton to make an announcement to the market in relation to any revisions to previous guidance, having regard to information emerging out of the quarterly reviews which are currently in progress including, in relation to, the financial performance of the Airport Link Project,” Leighton said in its statement.

Leighton’s request for a trading comes less than a fortnight after it was hit with three penalties totalling $300,000 from the Australian Securities and Investments Commission (ASIC).

That was for contravening continuous disclosure laws almost exactly one year ago when it cut its earnings forecast by $900 million.

Just two months earlier Leighton had assured the market it expected a net profit of $480 million in the 2010/11 financial year.

The April 2011 earnings downgrade was caused by a $430 million pre-tax loss on the Airport Link, a much reduced profit on the Victorian desalination project, and a write down in the value of its Middle East operations.

Leighton’s financial performance has improved in the 2011/12 financial year, with a net profit of $340 million in the six months to December 31, 2011.

In February, the company forecast an underlying profit after tax of between $600 million and $650 million for the year to June 30, 2012.

The Airport Link is in the final stages of construction and is expected to open to traffic in June.