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31. 08. 10. - 15:00

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31. 08. 10. - 15:00

Porr hit by earnings decline

Porr said the construction industry was "facing the biggest challenges in decades" as the firm presented a decline in earnings and turnover today (Tues).

The Vienna-based company said earnings before interest and taxes (Ebit) edged down from 7.2 million Euros in the first half of last year to 6.9 million Euros in the first six months of 2010. Porr added turnover slid from 1.107 billion to 955 million Euros.

The firm stressed it was convinced its "solid" number of orders would help it to reach 2009 figures this year. Porr further claimed the "current crisis is the biggest challenge the construction industry has faced in decades".

Viennese entrepreneur Karl-Heinz Strauss was recently named new boss of Porr by the building firm’s main shareholders following Wolfgang Hesoun’s departure to Siemens Austria.

Turkish company Renaissance Group recently let a call option pass which would have given it the chance to increase its stake in Porr from 10.22 per cent to 11.52 per cent. Renaissance Group and Porr started cooperating last year.

Austrian construction magazine Solid listed Porr among the country’s three biggest building businesses. Hans Peter Haselsteiner’s Strabag SE tops the magazine’s 2010 list ahead of Alpine Bau. Porr dropped from second to third year on year.

Austrian Times

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