US writedowns prompt Skanska profit slump

By Hamish Champ2018-11-08T16:12:00

Contracting giant’s CEO labels performance ‘not acceptable’

Skanska’s operating profit nearly halved in the first nine months of 2018, thanks to a series of writedowns and other costs relating to the Swedish contracting giant’s US operation and following what the firm’s chief executive described as an “unacceptable performance”.

While the firm reported a 3% rise in turnover for the nine months to the end of September to SEK120.8bn (£10.bn), operating income fell 49% to SEK2.4bn (£202m).

The third quarter saw goodwill impairment charge and project writedowns totalling SEK1.3bn (£110m) relating to Skanska’s US construction activities.

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