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Aveng forecasts slump in profit

Aug 15 2012 10:05 I-Net Bridge

Company Data

AVENG LIMITED [JSE:AEG]

Last traded 20.27
Change 0.17
% Change 0.01
Cumulative volume 396270
Market cap 8.45bn

Last Updated: 31/10/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Construction and engineering group Aveng [JSE:AEG] says it anticipates that earnings per share and headline earnings per share for the year ended June 2012 will be between 50% and 60% lower than the comparative period’s 302.9 cents and 306.4 cents respectively.

The group's operating segments reflected either steady or improved financial performances compared with the comparative period‚ other than for Construction and Engineering: South Africa which incurred a substantial loss‚ it said.

Encouraging progress was made on previously reported problem contracts in both the Australian and South African construction businesses. Further additional provisions to de-risk some new loss-making construction contracts were considered necessary‚ it said.

The company is due to release its results on September 5.

Aveng shares fell 3.10% to R34.64 on Wednesday morning.

 
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