STOCKHOLM - Swedish builder Skanska reported third-quarter earnings far below market expectations on Wednesday as weak property markets took a toll in the shape of asset writedowns and goodwill impairment charges, sending its shares down 12%.
The one-off charges, which were not included in estimates, amounted to 0.9 billion crowns, the company said. A series of interest rate hikes across the world to tame surging inflation has pummelled residential and commercial property businesses over the past year, while construction activity has held up well, above all, in the United States.
Heavily indebted property developers in Skanska's home market Sweden in particular have faced growing problems and while a plunge in the housing market there has levelled out, construction activity related to both sectors has tumbled.
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