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Drastic Losses at Porr
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,…
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