Pandemic causes 28% drop in Slovak construction company profits

A new study published by CEEC Research claims that Slovak construction companies will see their profits drop an average of 28 percent. The company's analysts found that the coronavirus had led to 62 percent of the construction companies surveyed experiencing work cancellations or postponements and that 16 percent of them had laid off employees. If there was a bright spot in the report, it was that 22 percent claimed to have experienced no problems during the pandemic. Companies who reported cancellations said it affected nearly 30 percent of all their orders, while those companies who reported layoffs fired an average of 24 of all their employees. One tenth of those companies reported letting middle or top management staff go. The reason given for the companies for the layoffs was the belief that the volume of work in the future will be lower.