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Skanska posts big 2013 profits after US boom

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Skanska Chief Executive Johan Karlström. Photo: Fredrik Sandberg/TT
14:02 CET+01:00
Swedish construction giant Skanska posted on Friday a rising annual profit for 2013, citing a strong performance in the US and a thundering fourth quarter cash flow.
 
Net profit grew by 32 percent in 2013 to 3.76 billion kronor ($576.9 million), while revenue rose by 5.5 percent to 136.49 billion kronor.
   
Skanska said a good performance in its "major geographical markets outweighed the weak performance in a few smaller geographical ones", citing an 18-percent revenue increase in the United States in local currency.
   
"The cash flow from operations was very strong, especially in the fourth quarter," chief executive Johan Karlström said in a statement.
   
Fourth quarter net profit was up by 24 percent from a year earlier to 920 million kronor and revenue for the period increased by seven percent to 38.4 billion kronor, exceeding the 37.4 billion kronor expected by analysts polled by Dow Jones Newswires.
   
In 2013, Skanska increased its workforce slightly to 55,600 people.
   
The group said that the outlook for its geographical markets and segments is "slowly improving".

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"We expect the civil construction market in our major geographies to remain stable or develop positively in 2014," Skanska said.
   
In early afternoon trading, Skanska shares were down by 3.39 percent on the Stockholm stock exchange, while the overall market was up by 0.25 percent.

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