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Porr Issues Profit Warning
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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: © Vindobona.org
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…
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