Basil Read to swing to H1 loss

22 August 2017

JSE-listed Basil Read expects to report a headline loss a share of between 290c and 300c for the six months ended June 30, compared with headline earnings a share of 48.92c in the first half of 2016.

It further expects to report a basic loss a share of between 359c and 365c for the six months under review, compared with basic earnings a share of 29.75c in the prior comparable period.

“This follows continued weak market conditions for the industry, operational underperformance in our roads and buildings divisions, along with continued difficulties in claims resolution  on a legacy project,” the company said in a statement on Monday.

Basil Read reiterated that its board has resolved to review the business, with a view to undertaking a significant restructuring of the group. It has hired a corporate financial advisory firm to assist it in this process.

The company will release its results on August 25. 

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