Skanska AB's results disappoint the market (SE)

Profits at Skanska AB fell sharply in the 2nd quarter 2004 compared with the same period a year earlier. Turnover fell to EUR 3,531 mln from EUR 3,744 mln with operating profit tumbling to EUR 124 mln (2003 - EUR 180 mln).

This fall was attributed almost entirely to a reduction in gains on the sale of commercial properties. In Poland the Swedish firm reported that operating incomes in its residential division improved, though overall it described competition in the Polish market as fierce. During the quarter Polish operations notched up an operating profit of EUR 2.3 mln on sales of EUR 84.71 mln.

Source: Eurobuild

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