U.S. News

Securitas Swings to Second-Quarter Net Loss


Securitas, the world's largest security company, on Tuesday reported a second-quarter loss, partly due to higher costs in its Loomis cash handling operations as well as provisions taken out in the unit.

The Stockholm-based company reported a loss of 52.5 million kronor (5.7 million euros; $7.9 million) in the quarter, down from a previous net profit - including discontinued operations - of 292.9 million kronor in the year-ago period.

Sales in the April to June period rose slightly to 15.6 billion kronor (1.9 billion euros; $2.3 billion), up from 15 billion kronor for the same three months in 2006.

Pretax profit in the quarter came to 403.2 million kronor (43.6 million euros; $60.3 million), up from 258.2 million kronor for the same period last year, but still fell short of analyst forecasts of 699 million kronor (75.6 million euros; $104.5 million).

Securitas said it plans to list Loomis, the British-based unit that manages its cash handling operations, next year.

Globally, Securitas provides security guards, alarm systems and armored guards to banks, retailers, corporations and residential customers in more than 20 countries. The group employs 190,000 workers.