Slow start for Strabag
By Chris Sleight29 May 2013
Strabag’s revenues for the first quarter of the year were down -9% on the same period last year to €1.995 billion, while its output volume was down -6% to € 2.135 billion. The company made a net loss of €140 million, although this was a 7% improvement on the €150 loss in Q1 2012.
The company said that a key problem had been the long European winter, which had delayed projects. “When we talk about the climate in the construction industry these days, we really do men the weather, “said Strabag CEO Hans Peter Haselsteiner. “On the one hand, it is to blame for a late start of the building season - and we have to report a -6% lower output volume in the first quarter of 2013 as a result. Given the lack of fixed cost cover in the winter, we always report a loss in the first quarter. This time however, the loss is 7% less thanks to a better interest income.”
The company added in a statement that weather-induced delays were a particular problem in Germany and Poland over the first three months of the year.
Strabag’s order backlog also fell compared to a year ago, with a -12% drop to € 13.8 billion. The company said the slide in booked work was due to the completion of several large projects over the course of the last 12 months.