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Mon January 24 2022

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Skanska’s income hit by Latin America losses

10 Jul 14 Losses in the Latin American operations impacted Skanska’s operating income by SEK500m (£44m) in the second quarter of this year.

Abour SEK380m of the charge is related to write-downs in two power plant projects in Brazil and one petrochemical plant project in Argentina. All three projects will be completed before the end of the year. Around SEK120m of the charge is related to restructuring costs.

After the charge, the operating income for the second quarter of 2014 is expected to be SEK620m for the construction business stream and SEK920m for the Skanska Group.

Going forward, the size of the Latin American operations will be significantly reduced. Focus will be placed on the operations and maintenance business.

Against this background, Johan Henriksson has been appointed new business unit president for Skanska LA. He has been with Skanska for close to 20 years, and is currently the CFO for the construction unit Skanska USA Civil.  

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