Johannesburg - South Africa's biggest construction group
Aveng [JSE:AEG] reported a 58% decline in full-year earnings on Wednesday,
reflecting an industry-wide slump at home and write-downs on contracts.
Aveng said diluted headline earnings per share totalled
119.8 cents in the end-June compared with 286.6 cents a year earlier.
South African construction firms avoided the 2008 global
building slump thanks to the construction boom in the run-up to the 2010 soccer
But they are now struggling to replenish their order books
as the South African government delays rolling out its nearly R1 trillion
infrastructure investment package.
Aveng said its two-year order book rose by 27% to R47bn in
the past 12 months, underpinned by strong demand from mining and energy sectors
The group said it was awarded two renewable energy contracts
- a 75MW solar project and a 138MW wind plant - in the second submission round.
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