BAM shares fall on project delays in Denmark, falling H1 results

Koninklijke BAM Groep NV

17/08/2023 09:48

** Shares in BAM Groep  BAMN.AS  fall 4.6% after the Dutch
construction company reported falling H1 results, citing delays
in is projects in Denmark 
        ** ING Group says Danish non-residential projects face
design issues and cost overruns, hitting results in the building
and property unit
    ** BAM says these projects will be completed in the coming
quarters
    ** BAM reports H1 adjusted EBITDA of 119.4 million euros 
($130 million), down from 182 million euros year ago, while
revenues fall 11% y/y to 3 billion euros
    ** Notably, the Netherlands division's adjusted EBITDA fell
sharply to 55.1 mln euros from 97.6 mln euros 
    ** Shares have lost about 0.75 euros since their 2023 high
in February

($1 = 0.9194 euros)

 (Reporting by Pierre John Felcenloben)
 ((pierrejohn.felcenloben@thomsonreuters.com))