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- Stock Exchange Release
- 12.10.2011 08:00 CET
YIT REDUCES ITS WHOLE-YEAR OUTLOOK REGARDING OPERATING PROFIT
STOCK EXCHANGE RELEASE OCTOBER 12, 2011 AT 9:00 A.M.
YIT REDUCES ITS WHOLE-YEAR OUTLOOK REGARDING OPERATING PROFIT
YIT Corporation is reducing its outlook regarding the operating profit for 2011. YIT Corporation now estimates that the total operating profit of all its business segments will increase in 2011 compared to 2010. In its outlook issued in connection with the financial statements for 2010 (February 4, 2011), YIT estimated that in 2011, the combined operating profit of the business segments would grow clearly compared to 2010.
On September 7, 2011, YIT issued a Stock Exchange Release stating that excessive levels of ammonia have been found in the indoor air of residential units built by it in St. Petersburg. The profitability of International Construction Services is weakened by the costs incurred in rectifying the ammonia problem which on the basis of the company’s current understanding are estimated to be EUR 10 million, a cost provision of same size for covering these costs has been made in the third quarter of 2011. YIT is negotiating on compensation with insurance companies and concrete suppliers.
The operating profit of Building Services Northern Europe will be lower than expected. The profitability of the business is being improved with restructuring operations currently in progress.
Earlier guidance:
YIT estimated that in 2011, the combined revenue of the business segments will grow and operating profit will grow clearly compared to 2010.
New guidance:
YIT estimates that in 2011, the combined revenue and operating profit of the business segments will grow compared to 2010.
The profit outlook is based on the segment-level reporting, i.e. recognition of income based on the percentage of completion.
YIT Corporation will publish its Interim Report for January-September 2011 on Friday, October 28, 2011 at 8:00 a.m. Finnish time.
YIT CORPORATION
Hanna-Maria Heikkinen
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a leading European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in the Nordic countries, Central Europe, Russia and the Baltic countries. In 2010, YIT's turnover was EUR 3.8 billion. The Group has approximately 26,000 employees. YIT's shares are listed on NASDAQ OMX Helsinki. www.yitgroup.com