According to Persson, an economic downturn in the Nordic region has made it a challenge for many would-be home buyers to secure mortgages, especially for low-income individuals, a key part of Skanska’s clientele.
“The market of this specific segment of the residential market has more or less disappeared almost during the quarter,” Persson said. “Because of that, when we don’t have the income, we eat the fixed costs, essentially.”
Despite the drop in profits, Persson said he isn’t concerned about the long-term effects of the downturn and said the contractor can weather the storm.
