Labour disruptions hurt Aveng

26 February 2014

Labour disruptions cost construction group Aveng (JSE:AEG) R140m in the six months to December 31 2013, up from R115m in first half of the previous financial year, Moneyweb reports.

Aveng reported and 11% increase in revenue to R27.6 billion and a decrease in headline earnings per share of 21% to 82.1% for the period.

R96 million of the labour related cost sat in the embattled Grinaker-LTA, R44 million in the manufacturing and processing segment and R31 million in mining.

Grinaker-LTA reported an operating loss and Kobus Verster, newly appointed Aveng CEO said corrective measures at the company will take some time to show results.
By: Antoinette Slabbert

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