Framingham-based construction management corporation Perini Corp. has reported a 2008 net loss of $75.1 million, compared to net income of $97.1 million in 2007 – a $172.2 million swing.

The net loss includes a $202.8 million after tax "non-cash impairment charge relating to goodwill and certain intangible assets recorded in connection with the company’s acquisition of Tutor-Saliba Corp. in the third quarter," the company said.

In the fourth quarter, the company reported a net loss of $163 million, compared to net income of $22.9 million for the fourth quarter of 2007 – a difference of $185.9 million.

"We are pleased to report that, excluding the impairment charge, we achieved outstanding operating performance in 2008, led by our building and management services segments and a significantly improved profit contribution from our civil segment," said Ronald Tutor, chairman and chief executive officer. "2008 marked the third consecutive year of record revenues for the company. The impairment charge is non-cash and therefore does not affect our cash position or prospects for new business opportunities."

 

Perini Hit By Hard Economic Times

by Banker & Tradesman time to read: 1 min
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