Dutch engineer BAM flags fall in 2017 profits due to…

AMSTERDAM, Dec 6 (Reuters) – Dutch engineering and construction firm Royal BAM NV warned on Wednesday its 2017 profits will be “substantially lower” than in 2016, following cost overruns on a new sea lock it is building in the town of IJmuiden, near Amsterdam.

BAM shares the 600 million euro ($710 million) contract for the locks on a 50:50 basis with larger peer Royal VolkerWessels NV, which said separately its forecast for an increase in full-year core earnings remains intact despite the setback at IJmuiden. ($1 = 0.8447 euros) (Reporting by Toby Sterling; Editing by Sunil Nair)

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