Profit up at Veidekke

A profit increase of 41% in the second quarter of 2015 compared to the same period last year has been reported by Norwegian contractor Veidekke.

President and CEO Arne Giske said, “Major contracts, high residential sales and profit growth marked Veidekke’s results for the second quarter of 2015. Revenue totalled NOK6.2 billion (€682.64 million), while the profit was NOK318 million (€35.03 million), which is 41% higher than the same period last year.

“In addition, the order backlog was at a historical high and 40% higher than at the end of last year.”

Veidekke’s revenue of NOK6.2 billion compared with NOK6.0 billion (€660.87 million) in the second quarter of 2014, and profit before tax was NOK318 million (€35.03 million) compared to NOK225 million (€24.80 million) in the same period a year earlier.

The company said its combined order backlog now totalled NOK23.4 billion (€2.58 billion) compared with NOK17.6 billion (€1.94 billion).

Veidekke’s construction operations reported revenue of NOK4.8 billion (€528.88 million) for the second quarter, up slightly from NOK4.7 billion (€517.80 million) last year. Profit before tax was NOK159 million (€17.52 million) up from NOK116 million (€12.78 million).

Giske said, “In order to strengthen our capacity and competence, we have entered into an agreement for the acquisition of Reinertsen’s construction and civil engineering operations in Norway, and Lemminkäinen’s operations in Uppsala, Sweden.”