Skanska operating income slides

Swedish construction giant Skanska has reported a fall in operating income of a third for 2017 compared to the previous year.

The firm said that while revenue increased by 6% to SEK160.8bn (€16.4bn), operating income decreased by 33%, amounting to SEK5.5bn (€560m).

Meanwhile, order bookings in its construction division decreased by 11% and operating income fell by 65% adjusted for currency effects. Skanska said the division was affected by impairment charges of SEK1bn (€100m) and project write-downs of SEK1.5bn (€150m).

Last month, Skanska announced a major restructuring that will see the loss of 3,000 jobs as it switches its focus away from Europe to North America.