Swedish construction group Skanska AB on Friday reported a drop in second-quarter operating profit, citing fewer property sales compared to the same period last year.
Operating income for the quarter was 1.8 billion Swedish Kronor, down from 2.6 billion Kronor a year earlier, the company said.
The company attributed the decline to its project development business, as the comparable period included five commercial property divestments.
Operating income in that segment slumped to 0.3 billion Kronor from 1.1 billion Kronor.
In contrast, Skanska's core construction business performed well, with operating income rising to 1.7 billion Kronor from 1.5 billion Kronor, as its operating margin improved to 3.9% from 3.5%.
Group revenue fell to 44.6 billion Kronor from 47.4 billion Kronor, which the company described as flat when adjusted for currency effects.
Order bookings in construction were 56.7 billion Kronor, a slight decrease from 60.7 billion Kronor in what the company called a strong comparative quarter.
Earnings per share for the period fell to 3.69 Kronor from 5.03 Kronor.
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