SRV has lowered the profit margin estimation of three individual fixed price projects by approximately EUR 3 million and adjusts whole years profit guidance accordingly.
The Group’s full-year profit before taxes is estimated to be profitable. According to the previous guidance full-year profit before taxes was estimated to exceed the level of the previous year (EUR 10.8 million). However, Group’s full-year revenue is estimated to be at least on a par with the previous year level (EUR 672.2 million 1-12/2011), as stated in previous guidance.
SRV’s full-year profit can be significantly affected by the timing of sale of Etmia II office property in Moscow and Derby Business Park in Espoo. The uncertainty of financing markets has also had a negative effect on real estate markets. Even if property sales didn’t take place during this year, the profit before taxes for full-year 2012 is estimated to be positive.
SRV does not change the estimation of housing or business premise markets given in Q2 interim report.
SRV Group Plc
Vice President, Communications and Brand
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