FRANKFURT, Sept 4 Shares in Germany's Bilfinger
slumped in pre-market trade on Thursday after the
industrial services and construction group issued its third
profit warning since the end of June.
The company said late on Wednesday that it had re-evaluated
risks and opportunities since its Chief Executive Roland Koch
quit in August. He had orchestrated an ill-timed reshuffle away
from civil engineering and construction in favour of
higher-margin industrial services.
"Stay away (from the stock) for some time," a local trader
said in response to Bilfinger's fresh profit warning.
The company's Frankfurt-listed shares were down 8.6
percent at 54.499 euros at 0613 GMT. Bilfinger's stock has lost
30 percent of its value over the past three months,
underperforming a 3.7 percent decline by Germany's mid-cap index
Bilfinger said it now expects 2014 earnings before interest,
tax and amortisation (EBITA) from continuing operations of at
least 270 million euros ($355 million), down from its last
forecast of 340-360 million euros.
Net profit from continuing operations should be at least 160
million euros, it said, down from the 205-220 million reduced
forecast it issued just a month ago.
($1 = 0.7606 euro)
(Reporting by Maria Sheahan; Editing by Pravin Char)