Building group BAM posts Q1 loss
Dutch construction group BAM posted a net loss of €21.1m in the first quarter of 2015 compared with net profit of €4.6m in the year earlier period.
Turnover rose 4.2% to €1.64bn.
The company blames the bad result on the lack of profitable projects in the investment sectors real estate and public-private partnerships, and on increased losses in the construction and infrastructure sectors.
The latter two sectors brought in most of the increase in turnover.
BAM is currently engaged in a cost-cutting exercise and expects to save an annual €100m and to cut its working capital at the end of 2015 by at least €300m.
CEO Rob van Wingerden is standing by his February forecast that net profit over the whole of 2015 will be higher than that of 2014, when the company lost €108m.
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