Skanska warns of losses in Finland and Norway

Swedish contractor Skanska said losses in its Finnish and Norwegian construction units would result in write downs totalling SEK520 million (€59 million) in its fourth quarter results.

The Finland division cost the group SEK350 million (€40 million) during the last three months of 2011, of which the majority was related to commercial building projects in the south of Finland and in Estonia, according to Skanska.

Meanwhile in Norway, fourth quarter project write downs and provisions totalling SEK170 million (€19 million) are expected.

The company said it had started a "major review" into the divisions with a view to improving profitability. The company's full-year report will be published in February.