BAM: Substantial write-down on Property in third quarter
- Net result for the first nine months of 2009: €65 million
- All sectors profitable – with the exception of Property
- Additional losses at Property of €68 million in the Netherlands and €21 million in Ireland
- Write-down of goodwill Dutch property activities: €40 million
- Extraordinary tax benefit of €80 million
- Revenue for the first nine months of 2009: €6.0 billion (-6%)
- Order book €11.6 billion as at 30 September 2009
- Profit forecast for 2009: at least €100 million
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Course of business during the first nine months of 2009
Royal BAM Group operated under difficult market conditions during the first nine months of 2009. In nearly all markets, operating companies are facing shrinking volumes, intensifying competition and substantial pressure on pricing. This puts a strain on the results, turnover and order book. Various group divisions - both in the Netherlands and abroad - are further adjusting their organisation to the changes in the market situation. In view of these circumstances, most of the operating companies performed well during the first nine months. With the exception of Property, all sectors posted a profit for the first nine months of 2009.