Strabag is cautious about its Q1 results in Russia
2010-06-16
The Q1 2010 results of Strabag in Russia did not meet the expectations of the management of the group. The loss of Strabag for the first three months of the year decreased by 9% compared to the same period last year and amounted to €128.7m. Consolidated revenues fell by 14%, down to €1.8bn. The volume of construction works of the company fell by 16%, and the number of orders in civil engineering decreased by 22%, while revenues collapsed by 21%, to €738.9m.
During recent years Strabag has successfully gotten several large projects in Russia, such as reconstruction of Sochi Airport and participation in Olympic stadium construction. In 2008 Strabag won a project worth €150m for the construction of a mini rolling mill for Balakovo steel works. The company counts a further success with participation in Olympic Village construction projects in Sochi.
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