Construction firm BAM announced on Thursday that it had a successful year in 2008 despite the economic downturn.

In a statement it said net profit fell from €268m in 2007 to €162m last year but that this was the result of a goodwill write-off of €100m following its takeover of project developer AM in the fourth quarter.
Turnover grew 3.5% to €8.8bn in 2008.
The company sold fewer houses in the last quarter of 2008 but this was partly compensated for by increased activity in the public sector with more hospitals and schools under construction.
BAM declined to give a forecast for 2009 because of the worsening economic climate but said that 80% of its order book is already full.