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| BAM reports net loss for H1 2012 Dutch construction company BAM has reported a net loss of €251 million for the first of the year, compared with a profit of €66 million last year. Total revenue of continuing sectors of €3,460 million was down by €100 million (-3%) on the comparable revenue in the first half year of 2011. This decline was due mainly to Civil engineering (-€49 million) and Property (-€65 million), offset by increases at Construction and mechanical and electrical services and PPP. "Our operating companies posted generally satisfactory results in the first half of 2012 in the face of a worsening outlook in the Netherlands and challenging conditions in our other European home markets," said Royal BAM Group chairman Nico de Vries. "Our PPP business is on track with a promising bid pipeline. In view of the deterioration in the property market in the Netherlands, we now assume that our future Dutch property developments will be later (in timing), fewer (in number) and lower (in average selling price)." He added that this led to an operational loss of €10m for property and non-cash impairments totalling €398m, including writing down the value of the land bank by a quarter. "We forecast a result before tax and impairments from continuing operations of at least €100 million for the full year 2012, based on an expected margin of around 2% for construction and mechanical and electrical services and civil engineering." write your comments about the article :: © 2012 Construction News :: home page |