Porr Issues Profit Warning

Other Countries ♦ Published: December 1, 2011; 11:17 ♦ (Vindobona)

The Austrian construction company has to write down € 90m of receivables due to problems in Eastern Europe. For next year, however, management is confident to see stable development.

Porr Issues Profit Warning / Picture: © Porr AG

The stock-listed construction group Porr has issued a profit warning. The company announced that it will incur a loss before taxes of € 70-80m in the year 2011 as a result of write-downs of € 90m in Eastern Europe, especially in Hungary and Romania, where Porr is still waiting for major payments by the public sector.

“Given the amount of outstanding and unrecoverable…