26 October 2004
Bilfinger Berger has issued a statement saying that it has increased to US$64 million its financial provision for the delays and additional costs on the troubled Maumee River Crossing project. US subsidiary Fru-Con is building the $220 million cable-stayed bridge for the Ohio Department of Transportation.
Bilfinger Berger said that the length of the expected delay and the additional costs cannot yet be determined with certainty. To cover the financial risk, the provision for the project will be increased from US$25.6 million to US$64 million. As a result, the group's planned growth of operating profit to approximately US$147 million can no longer be achieved. The company expects that its net profit for 2004 will still be in the range of previous year's result excluding exceptional items, US$64 million.