Building group BAM said on Thursday it is cutting a further 500 jobs because of the continuing problems in the Dutch construction market.

The job losses were announced at the presentation of the company’s second quarter results, which chief executive Nico De Vries described as ‘disappointing’. The Dutch market is continuing to shrink and,‘competitive pressures increased even further,’ De Vries said in a statement.

The company also has fewer orders in the pipeline. This is partly because ‘we continued our selective tendering policy designed to avoid taking work at a loss,’ De Vries said.

BAM booked net profit of €16m in the second quarter, following a loss of €250m in the 2012 first half. Revenue reached €3.2bn, down €500m on the sale period in 2012.

BAM scrapped 650 jobs last year as well.