Lemminkäinen has recorded revenues of €216.8 million for the first quarter of 2016, representing a decrease of 26% from the same period a year ago.

The company also reported a loss in its operating profits of -€31.4 million for the quarter, which is a rise of €13.3 million year-on-year.

Despite a tough first quarter, the company remains optimistic on its 2016 sales, and believes its profit guidance is still intact. It estimates that net sales for the year will be around €1.8 billion, while its operating profit will improve compared to 2015, which was €37.3 million.

Casimir Lindholm, president and CEO, remained positive in outlook, citing, “Our balance sheet has strengthened compared to the year-earlier period. Our operating capital was €450 million, a decrease of over €100 million.

“In addition, we redeemed fully the outstanding €43 million of our 2012 issued hybrid bond in late March, which will have a positive impact on our earnings per share.”

He added that the company’s focus for the remainder of the year would be to improve its operational result and competitiveness, while maintaining a moderate risk level.

Lemminkäinen’s net sales for each of its divisions were down, including paving (20.4%), infrastructure projects (5.9%), building construction, Finland (18.2%), Russian operations (12.8%) and other operations and group eliminations (15.5%).

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