Basil Read warns of half-year earnings slump

10 June 2014

Construction major Basil Read expects its earnings a share for the six months ending June 30 to be at least 135% lower than that of the first six months of the prior year, while headline earnings a share are expected to contract by a dramatic 270% over the same period. 

The comparative results included the profit on disposal of the engineering and construction group TWP for R183-million.
The company attributed the contraction in earnings a share to loss-making contracts in the roads and civil engineering divisions, owing to “ongoing challenging conditions”.

Basil Read further advised shareholders that the board had decided not to declare a dividend for the year ended December 31, 2013.

Results for the six months ending June 30 should be released on or around August 27.

By: Natalie Greve

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