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Sun May 26 2024

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Strabag cuts earnings forecast by a third

26 Jul 12 A “ruinous” price war in raw materials and delays in dealing with claims have led Strabag to warn that its €300m (£234m) earnings target for this year will not be achieved.

The management board said that new information indicates that only about two thirds of the  earnings before interest and taxes (EBIT) target of €300 million could be reached. It said that the target had been indicated as being “more than ambitious”.

Reasons include delays by public authorities in Central and Eastern Europe in dealing with claims, especially in Poland, the cautious valuation of some construction projects and the “ruinous price war” in the raw materials business.

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