YIT updates its result guidance for 2020: Group adjusted operating profit expected to be approximately EUR 80 million
YIT has updated the fair value of the Mall of Tripla investment following increased market yields caused by the coronavirus pandemic. This change is expected to have a negative impact of EUR 16 million in the company’s fourth quarter earnings. Consequently, YIT updates its result guidance for 2020 and expects its full-year Group adjusted operating profit to be approximately EUR 80 million (2019: EUR 165 million). Earlier YIT expected its full-year Group adjusted operating profit to be in the range of EUR 90-110 million.
Operationally YIT’s fourth quarter developed according to plans. Performance particularly in the Housing Finland and CEE and Housing Russia segments has been good, and the full-year result for both segments is expected to be solid.
YIT will publish its 2020 financial statements bulletin on 3 February 2021.
For further information, please contact:
Tommi Järvenpää, Vice President, Investor Relations, YIT Corporation, tel. +358 (0)40 576 0288, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ Helsinki, major media, www.yitgroup.com
YIT is the largest Finnish and significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction. Together with our customers, our nearly 8,000 professionals are creating more functional, attractive and sustainable cities and environments. We operate in 10 countries: Finland, Russia, Sweden, Norway, the Baltic countries, the Czech Republic, Slovakia and Poland. Our revenue in 2019 was approximately EUR 3.4 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy. www.yitgroup.com