SRV Yhtiöt Oyj announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenue was EUR 218.5 million against EUR 164.5 million a year ago. Operating profit was EUR 4.1 million against EUR 0.8 million a year ago. Loss before taxes was EUR 1.5 million against EUR 0.7 million a year ago. Net loss attributable to equity holders of the parent was EUR 1.2 million against EUR 0.8 million a year ago. Diluted loss per share was EUR 0.04 against EUR 0.04 a year ago.

For the six months, the company reported revenue was EUR 362.4 million against EUR 337.4 million a year ago. Operating profit was EUR 4.1 million against EUR 3.4 million a year ago. Loss before taxes was EUR 7.0 million against profit of EUR 2.6 million a year ago. Net loss attributable to equity holders of the parent was EUR 5.8 million against profit of EUR 2.0 million a year ago. Diluted loss per share was EUR 0.15 against profit of EUR 0.01 a year ago. Return on equity was negative to 4.3% against positive of 1.8% a year ago. Return on investment was 1.9% against positive of 2.8% a year ago. Net interest-bearing debt was EUR 291.2 million against EUR 251 million a year ago. Net cash flow used in operating activities was EUR 63.6 million against EUR 70.1 million a year ago. Purchase of property, plant and equipment was EUR 3.7 million against EUR 0.8 million a year ago. Purchase of intangible assets was EUR 0.1 million against EUR 0.1 million a year ago.

The outlook for earnings in 2016 remains unchanged. Full-year revenue for 2016 is expected to grow and operating profit to improve compared with 2015 of revenue EUR 719 million and operating profit EUR 24.4 million. Due to the completion schedules of SRV's developer-contracted housing projects, a significant proportion of the company's operating profit will be made in the second half of the year.