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