Neighbouring losses impact on Skanska

Losses in its construction business units in Finland and Norway have cost Skanska SEK 520M (USD76.8 M) in the fourth quarter of 2011.

As a result of reviews of operations and project portfolio in those countries by new management there has been a cost of SEK 350M (USD 51.8M), chiefly attributed to write-downs of building projects and provisions in southern Finland and Estonia SEK 320M (USD 47.3M) plus write-downs of land and other assets in Estonia.

In Norway the revision and restructuring of construction resulted in write-downs and provisions of SEK 170M (USD 25.1M).

Other information related to Q4 was expected in the annual report out on 8 February as T&TI went to press.