Polish boom lifts Strabag
Net income rose 27% to €239.3m as sales increased 11% to €13.7bn. The company attributed the results to Poland's booming construction sector.
Strabag chief executive Peter Haselsteiner said: “Our current market environment is characterised by the debt crisis in Europe, the volatile financial markets, and the declining public-sector investments with simultaneously still higher demand for building construction from private and commercial clients. Thankfully, our group is diversified in terms of regions and segments and possesses a solid financial structure. Our flexible structure allows us to adapt our capacities quickly. Therewith, in the light of this environment, we managed to generate extraordinarily good results in the financial year 2011.”
Government austerity programmes to combat the European debt crisis may cut into Strabag’s future earnings, the company said. Output in 2012 will remain unchanged at about €14.3bn.