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The Skanska construction company lost 5.7% after the interim report showed that the company's profits and sales were below expectations for the second quarter.
At 3:45 pm, the stock is slightly up.
The operating profit of Skanska amounted to SEK 1,285 million compared with 1,518 million expected
The construction company announced a turnover in line with expectations at second quarter of 2018, while net income was below analysts' expectations. SEK 518 million (44,936) compared to SEK 42,110 million for the consensus of Bloomberg analysts.
Profit before tax was SEK 1,307 million (1,474)
Profit after tax amounted to SEK 1,088 million (1,421), 14% lower than consensus of analysts of SEK 1,264 million. Earnings per share ended at SEK 2.64 (3.45).
Orders received during the second quarter amounted to SEK 39,100 million (46,300). The order book was 197.6 billion (202.2) at June 30
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The construction of the company in the United States was charged with: depreciation of the project during the second quarter. Anders Danielsson writes in the CEO's report on the half-yearly report:
"The majority of them are attributable to additional cost increases in a construction project where we have already experienced delays and low rates of production". "Some of the writedowns should be recoverable," said Magnus Persson, chief financial officer, at the Friday morning news conference.
He mentioned that there are design changes behind. and that some may be "recycled, but it will take time" before such a transaction can be made with the customer.
Follow Skanska at VA Finans.
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