Sweden’s Housing Crunch Sparks Peab Selloff After Profit Warning
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A downturn in Sweden’s homebuilding industry forced construction group Peab AB to issue a profit warning for the fourth quarter, pushing its shares down the most in almost four years.
The Forslov-based company booked a total of 525 million kronor ($50 million) in provisions, writedowns and restructuring costs to adjust its operations to the steep decline in the housing market, it said in a statement late on Thursday.