Skanska suffers US loss

Swedish-based Skanska Group has suffered losses of SEK630 million (€68 million) in its US arm, effecting its third quarter figures for 2015.

The company said it still expected to record some SEK900 million (€97 million) for the third quarter despite its loss, and estimated making up to SEK6 billion (€647.2 million) for the full year of 2015.

Skanska said the loss has come as a result of write downs of around SEK470 million (€50.7 million) in the US civil sector and approximately SEK160 million (€17.2 million) in the US building sector.

The write downs have come primarily from six projects which have experienced design changes and poor productivity, according to the company.