Building firm Heijmans disappoints

Construction company Heijmans booked a net loss of €43m in the first half of this year, well above the average €21m loss expected by analysts polled by Reuters.

Turnover fell slightly from €1.7bn to €1.5bn.
The company has been hard hit by the downturn in the housing market and has sold fewer houses than it has built.
‘The housing market is locked down. This affects us directly. We will have to patiently await the recovery,’ CEO Rob van Gelder said.
The Financieele Dagblad said Heijmans had sold 600 homes in the first six months of this year and 150 contracts were dissolved.
Nevertheless, Heijmans said the results of the reorganisation process announced earlier are having a positive effect. ‘Things are slowly but surely coming back on track,’ Van Gelder said in a statement. ‘The refinancing is complete. The balance sheet and solvency have been strengthened. We have thoroughly downsized and economised.’
The company also announced a reverse stock split to merge 10 shares into a single share. It did not offer further details, Reuters said.

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