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Johannesburg - Civil Engineering and construction group
Sanyati Holdings [JSE:SAN] on Monday announced fully diluted headline earnings of
7.60 cents for the year ended February, from 15.42c previously.
It said fully diluted headline earnings per share from total
operations were 7.60 cents, from 12.72 cents previously.
The group reported a fully diluted loss per share of 26.71
cents from 15.27 cents previously.
Revenue from continuing operations declined to R1.53bn from
R1.99bn previously, while gross profit slipped to R177.56m, from R264.9m in
2010.
"The challenging trading conditions already evident in
the domestic construction market last year continued to be experienced
throughout this financial year. The characteristics of an oversupply of
construction capacity and the slow turnaround in the adjudication and award of
tenders continue to be dominant factors in our industry," Sanyati said.
It said that its disappointing financial results were a result of the difficult trading environment, with headline earnings per share of 8.46 cents down 52%. It said its earnings before interest, tax, depreciation and amortisation margins of 4.8% (8.6% in the prior year) reflected tight trading conditions and reduced activity volumes.
