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Austrian builder STRABAG reports 2008 profits down 8 per cent
Apr 30, 2009, 10:18 GMT
Vienna - Austria-based construction group STRABAG SE said Thursday its net profit fell by 8 per cent to 157 million euros (207 million dollars) in 2008, as write-downs on receivables and lower investment returns burdened results.
Presenting its annual report, the company confirmed that its operating profit dropped by 14 per cent to 270 million euros, as stated in a preliminary report in early April.
Positive news came from the sales department, which recorded revenues worth 12.2 billion euros, an increase of 24 per cent.
With a plus of 83 per cent, Russia showed the strongest growth of output in building construction and civil engineering, followed by Slovakia with 55 per cent.
'The previous objective of raising the margins will still not be reached in 2009,' the company said in its statement, 'despite the planned and agreed upon cost reduction and restructuring measures.'
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