Company Data
| Last traded |
R35.08 |
| Change |
R0.12 |
| % Change |
0.34% |
| Cumulative volume |
321,077 |
| Market cap |
R14.09bn |
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Johannesburg – Construction and engineering firm
Aveng [JSE:AEG] surprised the market on Friday with a lower than expected decline in its earnings forecast.
In a trading statement, the company said its earnings for the year to end-June are expected to fall by between 5% and 15%.
According to Aveng, the loss is mainly attributable to a lack of demand for its steel and fabricate products.
"This surprised on the upside," said Dirk Noeth of Avior Research. "It seems to be more resilient in the downturn."
Aveng's earnings are significantly geared to steel price increases. The group's steel trading and fabrication segments continued to show losses as the vehicle, manufacturing, mining and construction sectors declined during 2009 and 2010, a Nedbank research report said.
According to Noeth, the implied improvement took place in the second half as first-half earnings were weak.
"This is a little counter-intuitive in a difficult market," said Noeth.
According to the trading update, its opencast mining segment as well as construction segment Grinaker-LTA lifted its contributions in earnings.
The finalisation of 2010 FIFA World Cup projects like Soccer City and the Nelson Mandela Bay stadium in particular improved the construction segments contribution.
"Earnings in the Australasian and Pacific Rim construction operations are down on the prior year and trading conditions remain tight in these markets," the group said.
- Fin24.com