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Johannesburg - South Africa's biggest construction group Aveng reported a 31% decline in first-half profit, hit by contract execution problems in Australia and an industry-wide slump at home.
Aveng said diluted headline earnings per share totalled 67.5 cents in the six months to end-December compared with 98.2c a year earlier.
South African construction firms avoided the 2008 global building slump thanks to the construction boom in the runup to the 2010 Soccer World Cup.
But they are now struggling to replenish their order books as the South Africa government delays rolling out its nearly R1 trillion infrastructure investment package.
Aveng said its two-year order book rose by 24% to R46bn in the past six months, underpinned by strong demand from mining and energy sectors in Australia.
Shares in the company have gained about 11% so far this year, outpacing a 5% gain the JSE All Share [JSE:J203] index .
Aveng said diluted headline earnings per share totalled 67.5 cents in the six months to end-December compared with 98.2c a year earlier.
South African construction firms avoided the 2008 global building slump thanks to the construction boom in the runup to the 2010 Soccer World Cup.
But they are now struggling to replenish their order books as the South Africa government delays rolling out its nearly R1 trillion infrastructure investment package.
Aveng said its two-year order book rose by 24% to R46bn in the past six months, underpinned by strong demand from mining and energy sectors in Australia.
Shares in the company have gained about 11% so far this year, outpacing a 5% gain the JSE All Share [JSE:J203] index .
