(Adds detail)
April 21 (Reuters) - Finland's YIT could see
its 2023 adjusted operating profit fall by more than half due to
a slowdown in the housing sector, the construction and
engineering firm warned on Friday.
"The activity in housing markets has been unprecedentedly
low during the first quarter of 2023," it said in a statement.
YIT expects an adjusted operating profit from continuing
operations of at least 50 million euros ($55 million), whereas
it earned 110 million euros last year.
In February, YIT said it expected its annual adjusted
operating profit to fall, without specifying a level.
It now expects demand in its housing unit to remain weak in
the first half of the year, citing facts such as "volatile"
interest rates, and the following recovery to be slower than
previously expected.
($1 = 0.9122 euros)
(Reporting by Boleslaw Lasocki; editing by Muralikumar
Anantharaman and Jason Neely)
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