August 14, 2017 / 5:49 AM / 2 years ago

Bilfinger swings to Q2 loss, hit by provisions for US projects

BERLIN, Aug 14 (Reuters) - German engineering services firm Bilfinger reported an unexpected second-quarter operating loss, as it undergoes a new phase of restructuring under Chief Executive Tom Blades.

The adjusted EBITA (earnings before interest, tax and amortisation) loss came in at 43 million euros ($50.8 million), compared with a profit of 2 million euros a year ago and missing the average analyst forecast for profit of 18 million, according to Thomson Reuters Eikon.

Bilfinger said the loss was due to risk provisions of 53 million euros for legacy projects in the United States.

Bilfinger last month abandoned its target to improve operating profitability this year from last year’s 0.4 percent in its first profit warning under Blades, a former Linde manager who took over a year ago.

$1 = 0.8465 euros Reporting by Victoria Bryan and Georgina Prodhan; Editing by Maria Sheahan

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