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Home Breaking News Construction company SRV’s result was in the red – Stock Exchange News

Construction company SRV’s result was in the red – Stock Exchange News

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Construction company SRV increased its turnover in April – June to EUR 265 million. In the corresponding period a year earlier, net sales were approximately EUR 207 million. According to the company, net sales were boosted by growth in both business premises and residential construction.

SRV’s pre-tax profit rose to EUR 0.2 million in April – June, compared with a loss of EUR 10.8 million a year earlier.

Operating profit amounted to EUR 3.3 million, compared to an operating loss of EUR 3.2 million a year earlier. Operating profit rose to EUR 0.5 million from a loss of EUR 3.1 million.

According to the company, operating profit was boosted by the positive earnings trend at construction sites and the higher number of completed and recognized homes than in the comparison period. However, operating profit was weakened by a provision of approximately EUR 3 million recorded on the basis of a decision of a Russian court.

SRV’s President and CEO Sipolan pocket according to the preparation for the coronavirus has caused some additional costs, but the most serious consequences have been avoided.

– The corona epidemic slowed down housing sales, especially between the end of March and the beginning of May, which has had an impact on the sales rate of housing properties. So far, the effects of the corona epidemic as a whole have been moderate, but the effects of the epidemic on the construction market and the possible continuation or re-escalation of the epidemic are blurring the outlook, Sipola says in a press release.



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https://www.is.fi/taloussanomat/porssiuutiset/art-2000006577514.html?ref=rss

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