April 26, 2018 / 5:43 AM / a month ago

BRIEF-SRV Q1 Operating Result Swings To Loss Of EUR 8.8 Million

April 26 (Reuters) - SRV YHTIOT OYJ:

* REG-SRV´S INTERIM REPORT JANUARY-MARCH 2018: GOOD INTAKE OF NEW ORDERS IN THE BEGINNING OF THE YEAR, BUT REVENUE AND OPERATIVE OPERATING PROFIT DECLINED

* Q1 REVENUE EUR 215.7 MILLION VERSUS EUR 223.7 MILLION YEAR AGO

* Q1 OPERATING PROFIT LOSS EUR 8.8 MILLION VERSUS PROFIT EUR 7.3 MILLION YEAR AGO

* FEWER DEVELOPER-CONTRACTED HOUSING UNITS WILL BE COMPLETED IN 2018 THAN IN COMPARISON PERIOD.

* IT IS ESTIMATED THAT A TOTAL OF 526 HOUSING UNITS WILL BE COMPLETED IN 2018 (782 IN 2017)

* EARNINGS IN 2018 WILL BE IMPACTED BY LOWER-THAN-EXPECTED MARGINS OF CERTAIN ONGOING PROJECTS.

* FULL-YEAR CONSOLIDATED REVENUE FOR 2018 IS EXPECTED TO DECLINE COMPARED WITH 2017

* OPERATIVE OPERATING PROFIT IS EXPECTED TO BE LOWER THAN IN 2017 (OPERATIVE OPERATING PROFIT EUR 27.0 MILLION.

* ANTICIPATES THAT IT WILL ACHIEVE ITS STRATEGIC EARNINGS LEVEL BY END OF 2022 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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