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Strabag reduces its losses

Strabag SE � Austria�s biggest construction firm � managed to reduce its losses in the first half of this year.

The Vienna-based company said today (Tues) its net losses dropped from 21.8 to 12.8 million Euros year on year, adding that operative losses fell from 11.1 to 10.4 million Euros.

Strabag�s earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 14 per cent to 186.2 million Euros.

These figures mean the firm � which reduced its staff number by six per cent to 70,734 � did significantly better in the first six months of 2010 than previously estimated by analysts.

Company boss Hans Peter Haselsteiner said Strabag was "on a good way" to reach 2009 figures this year, adding that "bad weather condition at the beginning of this year" and the finalisation of some major projects in the Middle East had led to a year on year decline in turnover so far this year.

He added that "successful attempts to grow in Northern Europe" helped Strabag to a seven per cent year on year rise in construction activity valued at 5.23 billion Euros.

Haselsteiner further announced that the company managed to strengthen its representation in the Benelux countries, Scandinavia and outside Europe.

Austrian construction magazine Solid recently identified Strabag as the country�s biggest building business after examining the activities of Austria�s 150 leading companies in the sector.

Salzburg-based Alpine came second ahead of Viennese firm Poor � which announced today that its earnings before interest and taxes (Ebit) declined from 7.2 million Euros in the first half of last year to 6.9 million Euros in the first six months of 2010.

Strabag said last month it will start building a restaurant and petrol station at the site of the former customs police office on Tyrol�s A13 Brenner motorway at the Austrian-Italian border shortly.

Lower Austrian firm Rosenberger will run the venue�s restaurant, while leading oil and gas company OMV is set to manage its petrol station.

Austrian Times

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