Skanska misses profit view as property market slump bites

Swedish builder Skanska reported third-quarter earnings far below market expectations on Wednesday as weak property markets took a toll in the shape of asset writedowns and goodwill impairment charges, sending its shares down 12%. "Based on recent market developments, we have reassessed the value of assets in our Property Development operations and recognized impairments of some of these," Skanska CEO Anders Danielsson said in a statement. A series of interest rate hikes across the world to tame surging inflation has pummelled residential and commercial property businesses over the past year, while construction activity has held up well, above all, in the United States.