FRANKFURT, Sept 4 (Reuters) - 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