Skanska shares drop on builder's surprise Q1 profit drop
Swedish builder Skanska reported an unexpected fall in first-quarter operating earnings on Friday as profit at its commercial development operations tumbled, sending shares down.
A year earlier, Skanska - which is also one of the biggest builders in the United States - recorded profit of 652 million crowns. CEO Anders Danielsson however told Reuters the unit had performed as expected and that divestments made in the quarter had good margins. Interest remained strong from tenants as well as investors in all markets, he said in an interview.
Property development involves a greater risk for the builder, but offers higher profits than construction ordered by a client.
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