Drastic Losses at Porr

IndustrialsConstruction ♦ Published: April 30, 2012; 19:13 ♦ (Vindobona)

The third-largest Austrian construction company had to write off projects in Hungary and Romania. Net losses totaled € 72m.

Drastic Losses at Porr / Picture: © Porr AG

“It is not amusing at all to present such a balance sheet.” Porr´s CEO Karl-Heinz Strauss said. In 2011, the construction company registered a record loss of € 72m. Write-offs in Romania and Hungary caused negative effects of € 82m. In Hungary, the public authorities refuse to pay work performed. Porr said that a complete withdrawal from Hungary is not considered. Nevertheless,…