GDANSK (Reuters) -Poland's biggest construction and engineering company Budimex reported a 4% drop in first-quarter net profit to 114.3 million zlotys ($30.3 million) on Thursday, hit by weather
Budimex's Q1 Net Profit Declines by 4% Due to Weather Challenges
GDANSK (Reuters) -Poland's biggest construction and engineering company Budimex reported a 4% drop in first-quarter net profit to 114.3 million zlotys ($30.3 million) on Thursday, hit by weather conditions that impacted sales of construction and assembly services in central and eastern Europe.
WHY IT'S IMPORTANT
Budimex is one of the certified partners of military investments in Poland. The company said in March that it wanted to actively participate in the country's military investments.
In March, Budimex board member, Cezary Lysenko, said that projects worth 1.5 billion zlotys, out of the company's backlog of 18 billion zlotys, are military projects.
The company, which is preparing to carry out orders for the construction of a nuclear power plant in Poland, hopes to obtain further military contracts – both infrastructural and related to accompanying architecture.
CONTEXT
The company said in February that in the coming quarters, the priority will be the "responsible execution" of the record order book and scaling of businesses on foreign markets.
In the coming year, it expects the trend of rising share of foreign markets in the group's revenues to continue.
BY THE NUMBERS
Budimex's first-quarter operating profit fell to 110.9 million zlotys from 115.0 million zlotys a year earlier.
Sales revenue for the first three months of the year remained flat year-on-year and amounted to 1.64 billion zlotys.
($1 = 3.7707 zlotys)
(Reporting by Anna Banacka; Editing by Mrigank Dhaniwala)
