HEB Construction sinks into the red in 2016 as $30.8M written off major project

Wed, 25 Jan 2017

By Paul McBeth Jan. 25 (BusinessDesk) - HEB Construction, which was bought by France's Vinci Group in 2015 for 43 million euros, sank into the red last year after it wrote down the value of a major project by almost $31 million. The Drury-based company reported a loss of $23.5 million in the 12 months ended Aug. 31, compared to a profit of $8.2 million a year earlier, financial statements lodged with the Companies Office show. That included a $30.8 million provision for losses on completion of an onerous contract. While the company decli...

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