Sales up at Peab

By Sarah Ann McCay23 August 2012

Scandinavian contractor Peab reported improved net sales for the second quarter of 2012, despite weak demand in its domestic housing market. Sales totalled SEK21.5 billion (€2.6 billion), up from SEK19.9 billion (€2.4 billion) in 2011.

Operating profit fell to SEK217 million (€26 million) for the three-month period, compared to SEK520 million (€63 million) in the second quarter of 2011. Peab said the figure was impacted by project write-downs of SEK425 million (€51 million) for the quarter.

Orders and backlog held steady, with Peab receiving orders worth SEK21 billion (€2.5 billion) during the period, comparable with 2011 figures of SEK21.3 billion (€2.6 billion).

New contracts won by Peab during the second quarter included a SEK482 million (€58 million) contract to build a new main building at the Swedish University of Agricultural Sciences Ultuna in Uppsala, a SEK460 million (€55 million) road maintenance order with the Swedish Transport Administration, and a SEK400 million (€48 million) contract to expand the Fagernes Terminal at the port of Narvik.

Order backlog in construction and civil engineering amounted to SEK31 billion (€3.8 billion), compared to SEK31.5 billion (€3.8 billion) at the end of the second quarter of 2011.

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