Neighbouring losses impact on Skanska2 February 2012
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.