Bloomberg News

YIT Shares Slump as Full-Year Outlook Reduced on Ammonia Costs

October 12, 2011

Oct. 12 (Bloomberg) -- YIT Oyj, Finland’s biggest builder, slumped 6.3 percent to 12.20 euros at the start of trading in Helsinki after cutting its full-year outlook for operating profit.

YIT made a 10 million-euro ($13.7 million) provision in its third-quarter earnings as it deals with excess ammonia found in flats it constructed in St. Petersburg, Russia. YIT said operating profit in 2011 will increase, compared with a projection of a “clear” increase versus 2010.

YIT is negotiating compensation with insurance companies and concrete suppliers, it said.

To contact the editor responsible for this story: Kati Pohjanpalo at kpohjanpalo@bloomberg.net


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