July 10, 2019 / 7:05 AM / 4 months ago

Skanska sees Q2 core profit boosted by positive legal outcomes

STOCKHOLM, July 10 (Reuters) - Skanska expects favourable outcomes in legal cases to have a total positive impact of 408 million crowns ($43.1 million) on its quarterly profit, it said on Wednesday.

The Swedish builder said that the competition watchdog in the Czech Republic had decided to terminate a proceeding concerning a project there.

Skanska said that, given the low likelihood of further financial exposure in the case, it would release a central provision, impacting operating income positively by 212 million, with no cash flow impact.

It also expects a positive impact of 196 million crowns on operating profit and cash flow after Skanska Norway was awarded damages by the Court of Appeal in the case Follo EPC Oslo S.

Skanska reported an unexpected fall in first-quarter operating earnings in April to 488 million crowns, as profit at its commercial development operations tumbled. ($1 = 9.4741 Swedish crowns) (Reporting by Helena Soderpalm, editing by Esha Vaish and Louise Heavens)

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