Construction group Ballast Nedam said on Wednesday it is to scrap a further 150 jobs after publishing a 2013 profit warning.

The company said in a statement it is likely to make an operating loss of €25m to €30m over 2013. The estimated losses have doubled since October, when the company also said it would post a 2013 loss.

The new round of job losses brings the total since October’s announcement to 400. At the beginning of 2011, the company had a workforce of 4,000 but by the end of this year it will have gone down by 25%, Nos television says.

The company has been affected by the downturn in the construction market, which has hit is regional activities particularly hard.

Ballast Nedam’s shares fell 9% in early trading on the Amsterdam stock exchange. The definitive figures will be published on March 7.

The company has agreed a new rights issue with shareholders and banks to raise €30m to strengthen its balance sheet.