Bauer boosts revenues despite losses in the US

摘要

Bauer has reported that revenues for 2014 were up 3.7% from 2013 levels despite losses on a major US project, continued restructuring of its resources business. The company achieved a net profit of €15.7M (£11.4M) for 2014, compared to a €19.4M (£14M) loss in 2013, as a result of sales valued at €1.56bn (£1.13bn) last year. In a statement, the company said: "The result was encumbered in the past year by further losses from the major Center Hill Dam project in the US. "However, a one-time income was achieved through the sale of 21% of shares in the subsidiary in Oman." Bauer has not released details about the problems on the Center Hill Dam project but said that its construction business has also been affected by a change in its work load from one that was characterised by major projects in 2013 to a wider spread of small to medium projects last year. Bauer chairman of the management board Thomas Bauer said: "2014 brought some successes, but overall we cannot be satisfied."