Pöyry warns on 2012 profit

The already battered Pöyry (OMXH: POY1V) stock is taking another hit after the consulting company warned its operating profit excluding restructuring costs is expected to be level with 2011 (6.3million) as opposed to clear improvement estimate given earlier. The company says that the reduced outlook is due to closure and divestments of low performing and non-core offices and units (notice the guidance was for excluding restructuring costs), one time project and credit losses in Urban business group and lower than anticipated activity levels in certain markets and especially in Management Consulting business, which got some bad press this week. Cost adjustments continue and even escalate according to President and acting CEO Henrik Ehnrooth.