Construction sales down at YIT
By Helen Wright26 July 2013
Revenues from YIT’s continuing operations slipped in the second quarter, the first results from the Finish contractor after it completed the sale of its building services business to Caverion.
YIT’s construction services operations – its continuing operations – reported a 12% year-on-year drop in revenues to €430.9 million, while operating profit also fell 12% to €38.3 million.
The company said revenue and operating profit grew in its international construction services business, supported by a high volume of residential production and favourable residential sales in Russia. However, this was offset by a significant decrease in operating profit from its construction services Finland business.
YIT president and CEO Kari Kauniskangas said, “Now we can focus on implementing our strategy which was ratified at the beginning of June. In the future, consumer sales will account for approximately two-thirds of the group’s sales, and YIT aims at strengthening its brand. We aim to improve our quality and customer service further, and continuously offer consumers new and innovative housing solutions.”
The total construction services order backlog was up 5% year-on-year at the end of the second quarter to €2.8 billion. YIT said it expected its full-year revenues and operating profit to remain at the same level as last year.