Pöyry maintains outlook, says faces considerable risk regarding the timing of payment in Venezuela

Pöyry’s (OMX: POY1V) second quarter profit before taxes was seven million Euro, up from a slightly negative number last year. The consulting firm is happy about the current order stock of 742.million. Pöyry says this will drive 2011 net sales considerably higher than they were in 2011. Pöyry notes that many of its clients make their investment decision late in the business cycle and said that the current uncertainty in the markets may have an impact on those decisions.

Pöyry says its most significant emerging market related risk is the accounts receivables in the Venezuelan infrastructure projects with public authority. Pöyry says intensified efforts to collect these receivables are ongoing but that due to considerable political uncertainty in Venezuela, the outcome and successful collection may have a considerable impact on the result in 2011 or 2012. The current net value of the receivable is around 26 million Euro.

Pöyry included Vantaa Head Office building in the balance sheet, which increased gearing from 14.3 to 29 percent. Pöyry announced that it has ended share buyback programme. The company has acquired 409,000 shares in the program at an average price of 10.06 Euro. Pöyry’s share is down a percent to 9.37 Euro in early afternoon trading.