Sat, 17 Oct, 2015 12:06:33 AM
FTimes – STT Report, Oct 17
File Photo – Lehtikuva.
Construction company YIT is reducing its risk in Russia and decreasing its volume due to the present market situation.
The company expects to lay off approximately 200 employees during its reorganization.
Now and in January, the layoffs are intended to achieve annual savings of approximately euro 10 million. In addition to the layoffs, YIT saw a write-down of euro 7.7 million in development ex-penses in the third quarter of 2015.
The write-down relates to projects located in the Moscow region that YIT has chosen not to take.
YIT will publish its financial information on Russian business trends in its interim report on October 29.
