Strabag losses grow

Strabag reported first quarter sales of € 2 billion, up +18% on the € 1,7 billion reported for the same period last year. Pre-tax losses for the quarter increased to - € 152 million, down -10% on the -€ 138 million losses reported for the corresponding quarter of 2008.

A statement said that with limited capacity for construction in winter, the first two quarters of the year typically have a negative effect on results, which is then overcompensated for in the second half.

Hans Peter Haselsteiner, CEO said, "The first quarter developed positively for Strabag despite the fact that the economic environment became more difficult.

"Although we believe external factors will continue to be negative, we expect to end this year at the same level as last, in part thanks to the economic stimulus programmes being adopted by various governments."

Strabag's order backlog for the first quarter increased +2% to € 12,8 billion, up from € 12,5 billion 12 months earlier.