YIT is a leading construction and development company.
Solid quarter driven by strong performance in Housing. Adjusted operating profit margin improved to 4.2% (2.7).
Housing, adjusted operating profit increased to EUR 21 million (14).
Business Premises, adjusted operating profit increased to EUR 1 million (-1).
Infrastructure, adjusted operating profit increased to EUR 2 million (-1).
Property Development, adjusted operating profit decreased to EUR 1 million (2).
In Housing, completions of consumer apartments are expected to decrease compared to 2021. In Business Premises, operational performance will continue to improve. Infrastructure will gradually improve, while still impacted by certain legacy low-margin projects. In Property Development, there are several promising projects in the pipeline.
YIT expects its Group adjusted operating profit for continuing operations to be higher than in 2021 (2021: EUR 85 million).
Temporary shutdowns or slower progress on construction sites and delayed completions due to the COVID-19 pandemic or construction material and labour availability could lead to the postponement of revenue and profit from one quarter or year to another. YIT aims to mitigate the impact of increased construction material costs by actively managing its customer relations, contracts, and procurement. Due to increased number of apartments under construction, YIT expects to tie up more capital as the year progresses. Due to increased number of apartments under construction, YIT expects to tie up more capital as the year progresses.
A news conference will be arranged on Friday, 29 April 2022 at 10.00 a.m. Finnish time (EET, at 8.00 a.m. GMT). The results will be presented by Markku Moilanen, President and CEO of YIT Corporation, and CFO Tuomas Mäkipeska. The news conference will be held as a live webcast that can be followed on the company’s web site at www.yitgroup.com/webcast. A recording of the webcast will be available at the same address later that day. www.yitgroup.com/webcast
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YIT Oyj, Investor Relations
InvestorRelations@yit.fi
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