(MENAFN) British construction firm Balfour Beatty cut its profit forecasts for the third time in five months, attributing it to increased losses on the mismanagement of some of UK contracts, The Peninsula Qatar reported.
Balfour said profits would hit USD122 million at its UK Construction Services unit less than expected after taking write-downs on engineering contracts and hitting some costly setbacks on building and infrastructure projects.
Many of the problem contracts relate to work undertaken during the slump at wafer thin margins, as Balfour chased volumes, which have since failed to meet savings targets or budget forecasts as they approach completion.
"There has been inconsistent operational delivery across some parts of the UK construction business and that is unacceptable," Balfour Beatty's Executive Chairman said.
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