BAM maintains profit forecast for 2008
- Net result for the first nine months of 2008: €191.5 million (+4%)
- Revenue for the first nine months of 2008: €6.3 billion (+6%)
- Dutch residential sales from own property developments decline with more than 35%
- Interest in property developer AM increased to 100% as of 1 February 2009
- Order book as of 30 September 2008: €14.1 billion
- Profit forecast 2008 maintained: net profit of at least €260 million
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Course of business during the first nine months of 2008
Royal BAM Group performed well during the first nine months of 2008. Revenue increased by approximately 6% to more than €6.3 billion (2007: €6.0 billion). Excluding the effect of exchange rate differences, revenue actually increased by approximately 10%, of which more than 1% was the result of acquisitions. The depreciation of the pound sterling had a negative effect on the Group's revenue and results compared to 2007. This was one of the reasons behind the slight reduction in the result before tax to €242.3 million (2007: €244.1 million). The margin before tax fell to 3.8% (2007: 4.1%). Due to a lower tax burden, the net result for the first nine months of 2008 increased to €191.5 million (2007: €184.1 million).