Thursday, 11 August 2016 12:56

Aveng shares benefit from announcement that its losses have halved

Written by
Rate this item
(0 votes)

Aveng’s share price jumps 13.6% to R4.60 after the construction group says its headline loss have halved in its past financial year.

 Kobus_Verster_Aveng

Aveng’s (AEG) share price jumped 13.6% to R4.60 on Wednesday after the construction group said its headline loss had halved in its past financial year.

Aveng said in a trading statement it expected to report on August 23 its headline loss per share for the year to end-June would narrow to between 65c and 79c from the previous year’s 144.3c.

The group raised R860m by selling its share of four major infrastructure investments and a further R252m by selling 70% of Aveng Steeledale‚ the company said in a statement.

It is still in negotiations relating to the sale of Aveng Trident Steel and Aveng Steel Fabrication. It is also negotiating the introduction of an empowerment partner for Aveng Grinaker-LTA.

The group attributed the reduction in its headline loss to an improved financial performance from Aveng Grinaker-LTA following the completion of loss-making and noncontributing contracts.

Negatives during the financial year included restructuring expenses and underperformance on certain contracts in Australian subsidiary McConnell Dowell.

There were also additional expenses on a problematic water contract in Aveng Water and contract cancellations and activity reductions in Aveng Mining.

source: BDpro

Last modified on Friday, 12 August 2016 13:31

Most Popular

Introducing cutting edge tech to the property industry

Feb 28, 2017
Virtual Reality Technology
Positioning ourselves at the cutting edge, Fieldspace Property Group is transforming the…

Calling all Cape Town owners and managers of commercial buildings and operations: Let’s talk energy and water

Mar 04, 2017
CoCT Energy Efficiency Forum
Join us for the Energy Efficiency Forum on 16 March at 8:30 for 9:00 until 12:30 followed…

The Polofields development launch met with great excitement

Feb 27, 2017
The Polofields apartment block
Balwin, South Africa’s largest homebuilder focusing on large scale sectional-title…

REBOSA opposes racist property advertisement in the strongest terms

Mar 02, 2017
Jan le Roux REBOSA
The real estate industry has been placed under an uncomfortable spotlight yet again with…

Making green affordable housing a reality

Mar 07, 2017
Belhar Gardens
Nedbank Corporate and Investment Banking (NCIB) today announced that is has made the…