Rejlers Slips After Quarterly Income Falls: Stockholm Mover
Rejlerkoncernen AB (REJLB), a Swedish technical consulting company, slipped the most in three months after second-quarter net income fell 25 percent as the European debt crisis continued to hinder profit.
Rejlers declined as much as 6.1 percent, or 4.5 kronor, to 69.25 kronor, its biggest intraday fall since May 18, and was the sixth biggest faller on the Stockholm OMX All-Share Index. (SAX) Shares traded 3.7 percent lower at 2.75 kronor as of 3:17 p.m. in Stockholm, valuing the company at 805 million kronor ($120 million).
Second-Quarter net income fell to 12.9 million kronor from 17.4 million kronor a year earlier, the company said in a statement today. Operating income fell 26 percent to 17.9 million kronor.
“The market prospects are mainly bright, but weak economic development in Europe is affecting parts of the operations,” the Stockholm-based company said in the statement. “The market climate in Finland is improving but still remains slightly weaker than in Sweden and Norway”, it said.
Rejlers, which provides consultancy services in the fields of electrical engineering, energy, mechanical engineering, automation, electronics, IT and telecommunications, receives almost 80 percent of its full-year sales from Sweden, according to data compiled by Bloomberg.
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