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Porr Issues Profit Warning

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…

This article includes a total of 202 words.

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