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Skanska profits boosted by US operations

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Skanska profits boosted by US operations
13:51 CEST+02:00
Swedish construction and engineering firm Skanska reported higher than expected second quarter profits on Thursday, helped by growth in its US construction operations, but added that competition remains "intense".

Net profit in the April to June period rose 19 percent to 1.063 billion kronor ($162 million), beating a consensus of just under one billion kronor by analysts polled by Dow Jones Newswires.

Revenue rose one percent to 34.561 billion kronor, held back by a stronger Swedish currency. In the first half of the quarter, revenue rose by eight percent in local currencies but just four percent in kronor.

"Skanska delivers a stable quarter with increasing order backlog, revenues and improved earnings," chief executive Johan Karlström said in a statement

The trend in order booking was particularly favourable in the US, Norway

and Poland. "Skanska's construction operations were underpinned by strong growth in the US and improved profitability in Norway and Finland in the first half," he

added.

Skanska said it expects all of the company's markets - construction,

residential development, commercial property development and infrastructure

development - to remain stable over the next 12 months.

The US market will be the most dynamic, followed by the Nordic countries,

while the rest of Europe will continue to lag those markets, the company added.

AFP/The Local

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