Skanska (OMX: SKA B) warned late last week that losses in Finland and in Norway will have 520 million SEK impact on Q4 2011 accounts. Skanska is striving to improve the performance of the two units and a major review is ongoing.
In Skanska Finland write-downs and provisions will set Skanska back by 350 million. The majority of those are related to commercial building projects in Southern Finland and in Estonia. While many large commercial centres are still being planned in Finland, the general view on such projects has turned more negative.
Ongoing restructuring of construction operations in Norway led to write downs and provisions of 170 million SEK. Skanska will report remaining Q4 information on February 8th. The stock has been under some pressure due to this revelation, which was viewed as largely company specific.
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