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%.
"Based on recent market developments, we have reassessed the value of assets in our Property Development operations and recognized impairments of some of these," Skanska CEO Anders Danielsson said in a statement. 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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