Business News
Builder Strabag's profit up 4 per cent in first three quarters
Nov 30, 2011, 10:34 GMT
Vienna - Austrian construction group Strabag said Wednesday that its profits rose 4 per cent in the first three quarters year-on-year, while warning that its transportation infrastructure business might decline.
Strabag, a major builder in Central and Eastern Europe, made a net profit of 112 million euros (149 million dollars) until September.
Chief executive Hans Peter Haselsteiner said Strabag would make a net profit of 185 million euros this year, 5.8 per cent more than in 2010.
Next year, the company said it expects a slight decline in its transportation infrastructure division, citing pressure on prices in Poland and Romania, as well as a weak outlook for several central and eastern European markets including Hungary and the Czech Republic.
In the first three quarters, value of Strabag's construction output amounted to 10.31 billion euros, 13 per cent more than in the same period last year.
The order backlog fell 5 per cent to 14.06 billion euros, as projects in Libya were cancelled and as large infrastructure projects in Poland were worked off.
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