A lower turnover and better margins boosts Skanska's profit for first nine months of 2004.
Third-quarter results from Skanska show a 2.85% profit for the company up from 1.66% for the same period last year, despite a fall in turnover from £675.9 million to £647.6 million. In August 2004, the company changed its name from Sjkanska Construction Group Limited to Skanska UK plc, reflecting its focus on the UK market. Earnings before Interest, Tax, and Amortisation for the third quarter stand at £4.8 million, bring the cumulative figure for the 12 months to September to £18.4 million, an increase of 65% on the same period in 2003.
The highlights of Skanska’s first nine months of 2004 include the completion of its Kings Hospital PFI project in London 10 weeks ahead of schedule, and the topping out of Moor House, a 19-storey office block in the City.