Energy Central News

Curated power industry news from thousands of top sources.

News

YIT increases its result guidance for 2021 due to Lestijarvi wind farm sale and actions based on YIT's new strategy, Group adjusted operating profit expected to be in the range of EUR 105-125 million

  • Nov 24, 2021
  • 95 views
Source: 
ENP Newswire

YIT increases its result guidance for 2021 due to the realisation of Lestijarvi wind farm sale and actions based on YIT's new strategy. YIT expects its Group adjusted operating profit to be in the range of EUR 105-125 million in 2021. Earlier YIT expected its full-year 2021 adjusted operating profit to be higher than in 2020 (2020: EUR 85 million).

The new guidance includes a positive impact of approximately EUR 45 million from Lestijarvi wind farm sale. As part of this transaction, YIT sold the building rights of the project when OX2 signed an agreement with a consortium of Finnish energy companies to construct the largest wind farm in Finland to Lestijarvi, Finland. YIT will recognise profit from the sales contract in its fourth quarter 2021 results.

In addition, the new guidance includes expected margin reductions of approximately EUR 50 million from certain legacy projects, as well as a number of projects that are no more in the core of YIT's new strategy published yesterday.

Contact:

Tommi Jarvenpaa

Vice President

Investor Relations

YIT Corporation

Tel: +358 40 576 0288

E: tommi.jarvenpaa@yit.fi

Distribution

Nasdaq Helsinki

Major Media

WEB: www.yitgroup.com

YIT is the largest Finnish and a significant North European development and construction company with a strong customer focus and clear mission to create better living environments. We develop and build functional homes for sustainable living, future-proof public and commercial buildings and infrastructure for smoother flow of people, businesses and society. We employ 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. Our revenue in 2020 was EUR 3.1 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com

Discussions
Spell checking: Press the CTRL or COMMAND key then click on the underlined misspelled word.

No discussions yet. Start a discussion below.

Get Published - Build a Following

The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »