Bloomberg News

Heijmans Falls on Full-Year Net Loss Forecast: Amsterdam Mover

January 31, 2012

Jan. 31 (Bloomberg) -- Heijmans NV, the second-biggest construction company in the Netherlands, dropped the most in more than two months after saying it may report a 2011 net loss of as much as 40 million euros ($53 million).

Heijmans fell 7 percent to 8.57 euros, the most since Nov. 22. The Rosmalen-based company said today that it may write down as much as 45 million euros on its property investments. It also said the outlook for the housing market remains poor.

“Heijmans’s profit warning is disappointing,” Edwin de Jong, an Amsterdam-based analyst at SNS Securities, said in a research note today. “Although we already anticipated some writedowns on property positions, this is more than we expected,” said De Jong, who has a “hold” recommendation on the stock.

Heijmans was down 4.1 percent at 8.80 euros as of 10:27 a.m. in Amsterdam, giving the company a market value of 149 million euros. Full-year results will be published March 1.

--Editors: Ross Larsen, Andrew Blackman.

To contact the reporter on this story: Fred Pals in Amsterdam at fpals@bloomberg.net

To contact the editor for this story: Andrew Blackman at ablackman@bloomberg.net


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