L&T earnings weighed down by facilities management performance

waste trucks, Source: L&T
05.02.2014 − 

Finnish concern Lassila & Tikanoja (L&T) saw net sales inch lower for full-year 2013, while earnings tumbled due to weak performance in its Facilities Services Division, which is "currently engaged in a major restructuring and reorganising process". On Wednesday, the concern posted sales of €668m for last year, down 1 per cent. Consolidated net earnings were off by just over a third at €22m for the 2013 year.

In its Environmental Services Division, L&T generated 3 per cent less in revenues than it had a year earlier at €258m, but adjusted operating profit rose by €4.5m in annual comparison to €35m. The concern put the increase in operating profit down to an improvement in operational efficiency.

Earlier in the week, L&T announced the acquisition of the recovered paper and board collection company Paperitiikerit Oy, effective 1 February. The concern viewed the purchase as a means of expanding its environmental services in Helsinki area. According to L&T, Paperitiikerit generates annual revenues of around €2m and has a staff of 20.

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