Construction company Ballast Nedam posted a loss of €41m last year, as the effect of the economic crisis on the building sector continued.

The company booked net profit of €9m in 2011. The loss is due to the cost of a reorganisation and write-offs on land valuation, the company said. The company has also cut its 3,900 strong workforce by 500 jobs.

Total turnover was also down slightly at €1.3bn.

In an effort to boost earnings, Ballast Nedam is moving away from ‘bleak’ traditional markets towards more integrated projects and niche markets such as ‘offshore wind turbines, industrial construction, secondary raw materials and alternative fuels’.

‘With this strategic focus, less exposure to loss-making markets and the well-filled order book, we are looking forward to an operating profit for 2013 of approximately €15m,’ chief executive Theo Bruijninckx said in a statement.