Construction company Ballast Nedam issued a trading update on Friday in which it said losses had mounted further in the third quarter of this year, without giving specific figures.

‘The poor market conditions showed no improvement in the third quarter. Competition was consequently considerable, and accordingly prices have not improved,’ the statement said.

Ballast Nedam last made a profit in 2011.

Earlier this month the company reported it would make a loss of €100m on a project to improve the A15 motorway near Rotterdam. Ballast Nedam now says this figure will increase in the fourth quarter.