Profit of Skanska Company slightly below expectations
Swedish construction company Skanska has published results in the first quarter of this year, which are slightly lower than the markets expectations. The reason was given, that it is still struggling with the consequences of the weakening global economy. Its profit before tax was 618 million Swedish crowns (SEK) in Q1, but analysts expected the profit 653 SEK. In the same period last year, Skanska profit before tax was up to 1.22 billions SEC. The company turnover fell by 2% to 30.9 billions SEC in Q1 semi-yearly.
„Most of the markets in which Skanska is active continue to suffer from the consequences of the weakening economy and turbulences in financial markets,“ said the executive director of the Company Johan Karlstrom. As he further said Skanska expects decline in production volume by 10% this year. The loss explains by delay of public projects in the U.S., where its customers are waiting for the government approval of the incentive package. USA is for Skanska the largest market, but under the pressure of the crisis there will have to release 3 400 employees.
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