Latest:
Holzmann set to break even
00:00 28 May 1997
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After German construction group Philipp Holzmann's losses of
œ108 million in 1996, chairman Lothar Mayer said this week
that he expected to break even at an operating level in 1997.
"We want to head towards the zero level in 1997," Mayer said at the company's annual news conference.
Mayer attributed œ35 million of last year's losses to the sale of own-project real estate earlier than originally planned - the balance of œ73 million losses were run by ordinary operations.
Within Germany, difficulties were encountered in Holzmann's Thuringia and Saxony branches, and overseas in both France and Thailand.
Holzmann still has to sell œ360 million-worth of completed projects in the next two years as well as schemes currently under construction with a total value of œ220 million.
"We want to head towards the zero level in 1997," Mayer said at the company's annual news conference.
Mayer attributed œ35 million of last year's losses to the sale of own-project real estate earlier than originally planned - the balance of œ73 million losses were run by ordinary operations.
Within Germany, difficulties were encountered in Holzmann's Thuringia and Saxony branches, and overseas in both France and Thailand.
Holzmann still has to sell œ360 million-worth of completed projects in the next two years as well as schemes currently under construction with a total value of œ220 million.
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