Broad profit growth for Veidekke
(Thomson Reuters ONE) -
Both turnover and profit increased for Veidekke in the third quarter compared
with the same period last year. "We have delivered a good third quarter. The
most positive for the quarter was the housing market, which, with increased
sales and new project starts, improved significantly," says CEO Terje R. Venold.
Veidekke's turnover in the third quarter was MNOK 4 448 (MNOK 3 980 for the
third quarter of 2009). Profit before tax was MNOK 270 (MNOK 240), earnings per
share were NOK 1.50 (NOK 1.30) and profit margin for the quarter was 6.1%
(6.0%). The order backlog for the Group's construction operations now totals
BNOK 12.1 (BNOK 11.3).
"Our results for the third quarter confirm that the financial crisis is behind
us. But they also show, as in previous downturns, that the road to recovery is
slightly longer for the construction industry than for many other industries,
summarises CEO Venold.
Construction operations
Contracts currently under production in construction operations are largely
contracts entered into during the financial crisis and during strong competition
and tighter margins. With their higher volumes and improved margins, however,
Sweden and Denmark contributed positively and reduced the impact. Total sales
for construction operations in the third quarter were MNOK 3 187 (MNOK 2 840)
and operations earned a profit of MNOK 133 (MNOK 141). The profit margin was
4.2% (5.0%).
Property
The real estate market around the largest cities in Norway and Sweden continued
to show positive development in the third quarter with a significant increase in
sales and thus new project starts. In all, 216 dwellings were sold in the
quarter (100 in the same quarter in 2009). The number of dwellings under
production was 728 (194). Turnover for Veidekke's property operations totaled
MNOK 322 in the third quarter (MNOK 105), with a profit of MNOK 21 (MNOK - 12).
Industry
The quarter was marked by high activity in all business areas within industry
operations. Earnings increased 18% over the same period last year despite an
additional provision for losses on road maintenance contracts. Total turnover
for Veidekke Industry in the third quarter was MNOK 1 077 (MNOK 1 062), with
earnings ending at MNOK 136 (MNOK 115).
HSE
Sickness absence for all employees in Norway was 5.5% (5.8%). For all employees
in Sweden, sickness absence was 3.0% (3.0%) and in Denmark it was 2.3% (2.2%).
The injury rate (number of injuries per million hours worked) for the entire
group was 5.9 in the third quarter (4.9).
See also the Board's Report for the third quarter of 2010, which is attached to
this press release.
For more information contact:
President & CEO Terje R. Venold, tel 21 05 77 01 /
90 58 23 23, terje.venold(at)veidekke.no
Executive Vice President / CFO Jørgen W. Porsmyr, tel 21 05 76 44 /
90 75 90 58,jorgen.wiese-porsmyr(at)veidekke.no
Communications Director Kai Krüger Henriksen, tel 21 05 77 04 /
90 51 93 60,kai.henriksen(at)veidekke.no
See also
http://www.veidekke.com/reports/2010/quarter/3/veidekke_in_3_quarter_2010/
VEIDEKKE ASA
Veidekke is one of Scandinavia's largest contractors with 6,000 employees and a
turnover of NOK 16 billion. Activities include building and construction
projects, residential developments, asphalt plants, gravel and aggregates, road
maintenance and recycling. Our values are professional, honest, enthusiastic and
pioneering. Our goals for health, safety and the environment, HSE, have equal
status with our financial goals. Veidekke is characterized by a decentralized
organizational model with a strong corporate culture and a high degree of
employee involvement. Over half the employees are co-owners, holding 20% of
Veidekke's shares between them. The company is listed on the Oslo Stock Exchange
and has never declared a loss since it was founded in 1936.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1458760]
Report Q3 2010:
http://hugin.info/172/R/1458760/398265.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Veidekke ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2010 - 06:58 Uhr
Sprache: Deutsch
News-ID 48393
Anzahl Zeichen: 5074
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 204 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Broad profit growth for Veidekke"
steht unter der journalistisch-redaktionellen Verantwortung von
Veidekke ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
