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Firm blames results on past decisions

SALES of the construction company Skanska in 2011 shrank 19 percent to €777 million (CZK19.5 billion) in Slovakia and the Czech Republic. The operating profit of the company also slipped, from €46.9 million (CZK1.176 billion) in 2010 to €6.18 million (CZK155 million) in 2011, the company announced in a press release in mid February.

SALES of the construction company Skanska in 2011 shrank 19 percent to €777 million (CZK19.5 billion) in Slovakia and the Czech Republic. The operating profit of the company also slipped, from €46.9 million (CZK1.176 billion) in 2010 to €6.18 million (CZK155 million) in 2011, the company announced in a press release in mid February.

The company ascribed its poorer results to the need to deal with problems from the past. It said it has had to create provisions and reserves to cover obligations and remedy problems arising from some projects carried out before 2008.

Some of these concerned residential development projects in Slovakia, in which Skanska was forced to write down partially the value of parcels of land it owned. One example was the Viladomy Devín project in Bratislava.

Topic: Real Estate


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