Big losses expected at Batigroup
Swiss construction company, Batigroup, is set to post a half-year loss of SFr25.7 million ($14.7 million) this week, according to press reports. The figure would be SFr10 million more than the company's losses over the first half of last year.
The German language Swiss weekly newspaper, the Sonntagszeitung, quoted a draft of a news release due later this week, and quoted Batigroup chief executive, Werner Helfenstein, as confirming the figure.
The losses have occurred due to a series of miscalculations at a key construction project in Zurich, as well as continued pressure on profits at the group's operations in Germany.
"The miscalculations led to losses of SFr8-9 million," Helfenstein was quoted as saying, about the Zurich housing project.
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