Skanska issues profit warning as looses in Finland and Norway create concernsFriday, 20 January 2012
Construction Company, Skanska reported an expensive fourth quarter of 2011 with Skr520 million of construction in Finland and Norway, according to a statement.
The company reports that “to improve the profitability in the Finnish and Norwegian construction units, a major review is ongoing. During the quarter both units have performed deep analysis of the operations as well as the project portfolio” said the Skanska in a press release.
AdvertisementIt follows that the review of the operations and the project portfolio in Skanska Finland, performed by the new management of the business unit results in a cost of Skr 350million for the fourth quarter.
Project write downs and provisions amounts to Skr 320 million, of which the majority refers to commercial building projects in the south of Finland and in Estonia, said the building construction giant.
Write downs of land and assets amounts to Skr 30 million, of which the majority belongs to the Estonian operations.
“The ongoing revision and restructuring of the construction operations in Norway, results in project write downs and provisions of SEK 170 M in the fourth quarter,” said Skansak in the press release.
By Scancomark.se Team
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