Nordecon: we lost 4 million euros in Lennusadam project

15.05.2012, 10:37

Estonian listed construction company Nordecon said that its costs were 4 million euros more than its income from the renovation project of Lennusadam, writes Äripäev.

The company’s main shareholder Toomas Luman said in his speech at the opening of Lennusadam last week half-jokingly that it has been the biggest one-time private donation to culture and gave a symbolic cheque for 4 million euros to Urmas Dresen, head of the Maritime Museum, and Rein Lang, minister of culture.

Janno Viik, CEO of Nordecon, said that the project’s loss has been recorded in the company’s annual accounts 2010-2011 which the company ended with a loss of 17.8 million euros.

Vink said that claims that the state has promised to compensate the loss to Nordecon with other projects was not true.

Nordecon that won the public tender for renovation of Lennusadama project made the cheapest offer, but in the course of the project asked the state for 30 percent more money because the work turned out to have been extremely complicated.

It cost the state 17 million euros to renovate Lennusadam.