Steiner: Successful half-year results
Steiner Group achieved sales of CHF 406.7 million and an operating result of eight million in the first half of the 2016/2017 financial year. In the same period of the previous year, sales were still at 347.3 million.
In the period under review, which ended on September 30, the project developer and total/general contractor acquired new orders totaling CHF 678 million, bringing the Group's construction order backlog to CHF 1.6 billion.
Additional expenses were incurred in connection with the planned introduction of SAP and process optimization measures, which had an impact on the operating result, Steiner wrote in a press release. Delays in the sale of residential property projects throughout Switzerland were also reflected in the half-year result.
The portfolio of development projects in the Real Estate Development business unit is stable at more than CHF 2.2 billion. Order intake in the Total/General Contracting (TU/GU) business unit was above expectations, both in Western Switzerland and in German-speaking Switzerland.
For the full fiscal year, CFO Ajay Sirohi expects operating profit to double year-on-year. (ah)
