Skanska with loss in 2013,managers said to distort results

published:

updated:
10.02.2014 12:45

Prague - Czech construction company Skanska, part of the global concern Skanska based in Sweden, sank into a Kc888m loss in 2013 over asset writeoff from an after-tax profit of Kc357m in 2012, the firm said today.

foto

Pohled na staveniště ve švédské metropoli Stockholmu, kde největší evropská stavební společnost Skanska AB buduje obytné domy. ČTK ČTK

Managers in one of the divisions allegedly distorted results which also influenced the company´s performance, Skanska said.

"The financial result was influenced by a situation in one division where instead of effective managerial decisions the results had been twisted out," said Skanska spokeswoman Lucie Lankova.

"The responsible staff were immediately dismissed and system measures were taken to eliminate similar situations in the future," she added.

The firm refused to disclose more details.

According to CTK´s information, police did not launch a probe into the case for now.

Skanska´s sales were 23 percent lower on the year at Kc12.4bn last year.

Some assets had been written off so as to bring them closer to the market value.

"It is our strategy to keep the firm economically healthy and stable," board chairman and CEO Dan Tok said without elaborating.

"Upon agreement with the parent company we´ve decided on large writeoffs of some of the assets within the restructuring process," he said.

The amount of employees decreased to 4,323 from 4,667 which testifies to bad situation in the construction sector.

This year, Skanska wants to continue reducing direct costs by raising productivity, effective use of capacity and internal synergies.

Great emphasis will be laid on asset management and expansion in the Czech Republic and Slovakia.

Skanska, a major builder and developer in the Czech Republic and Slovakia, is focused on road and railway engineering and concrete structures. Its units specialise in housing construction and commercial real estate mostly in the capital city of Prague.

Written by:
www.ctk.cz

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