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Johannesburg - Construction and engineering group Aveng [JSE:AEG] advised on Friday that it anticipates headline earning per share and earnings per share for the financial year ended 30 June 2010 to be lower than that of the corresponding period ended 30 June 2009 (528.5c and 538.8c respectively) by between 5% and 15%.
It said its Manufacturing and Processing segment remained under significant operating pressure due to lower demand for steel and fabricated products.
The market showed improvement in the second half of the financial year compared to the first half of the year, the group said in a voluntary trading statement.
It said the Opencast Mining segment has continued to improve its contribution to Group earnings in spite of the impact of a strong currency on its US Dollar denominated contracts. In the Construction segment, Grinaker-LTA has lifted its contribution with an improvement in earnings on the back of the completion of large infrastructure projects and the continued benefits arising from its turnaround and restructuring project.
But it added that earnings in the Australasian and Pacific Rim Construction operations are down on the prior year and trading conditions
remain tight in these markets. The second half of the year did however reflect a slight improvement over the performance of the first half of the year.
"As anticipated, income from investments has declined from the comparable period primarily as a result of the lower interest rate
environment," Aveng added.
The results for the year ending 30 June 2010 are expected to be released on Wednesday, 8 September 2010.
On a separate issues, Aveng advised shareholders that the damages claim instituted by Aquarius Platinum [JSE:AQP] against Aveng and Brian Wilmot, the managing director of the operating group Moolmans, in the amount of R963 775,098 has been withdrawn.
Aveng's counterclaims against Aquarius Platinum are set down for trial in August 2010, it said.
- I-Net Bridge
It said its Manufacturing and Processing segment remained under significant operating pressure due to lower demand for steel and fabricated products.
The market showed improvement in the second half of the financial year compared to the first half of the year, the group said in a voluntary trading statement.
It said the Opencast Mining segment has continued to improve its contribution to Group earnings in spite of the impact of a strong currency on its US Dollar denominated contracts. In the Construction segment, Grinaker-LTA has lifted its contribution with an improvement in earnings on the back of the completion of large infrastructure projects and the continued benefits arising from its turnaround and restructuring project.
But it added that earnings in the Australasian and Pacific Rim Construction operations are down on the prior year and trading conditions
remain tight in these markets. The second half of the year did however reflect a slight improvement over the performance of the first half of the year.
"As anticipated, income from investments has declined from the comparable period primarily as a result of the lower interest rate
environment," Aveng added.
The results for the year ending 30 June 2010 are expected to be released on Wednesday, 8 September 2010.
On a separate issues, Aveng advised shareholders that the damages claim instituted by Aquarius Platinum [JSE:AQP] against Aveng and Brian Wilmot, the managing director of the operating group Moolmans, in the amount of R963 775,098 has been withdrawn.
Aveng's counterclaims against Aquarius Platinum are set down for trial in August 2010, it said.
- I-Net Bridge
