The share price of construction group Murray & Roberts (M&R) gave up most of its early gains in afternoon trading on Monday after the company said its adoption of International Financial Reporting Standards (IFRS) would lead to a once-off expense totalling R98.2 million for the company's financial year to end-June 2006.

After gaining as much as 30 cents in early on Monday trade to trade up to R19.55, after the announcement M&R shares gave up most of the gains, and were quoted at 19.30 rand as of 16h20 local time, still 5 cents or 0.26% above Thursday's close of 19.25 rand.

M&R said that under IFRS 2 requirements for accounting for share-based payments, the group would expense an estimated 94.6 million rand on its income statement for 2006 resulting from its black economic empowerment (BEE) transaction involving the Letsema Bokamoso General Staff Trust, plus another 3.6 million rand with the Letsema Vulindlela Black Executives Trust.