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M&R sees higher profit

Jun 24 2009 17:23

Anti-competitive conduct 'costly'

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Gautrain may need money for 2010

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Johannesburg - South Africa's No.1 construction and engineering firm Murray & Roberts Holdings Ltd forecast a 15% to 20% rise in annual diluted headline earnings per share and said its order book had stabilised.

The company said conditions in most of its markets were stabilising after a volatile third quarter marked by R10bn of project cancellations as well as order delays in South Africa and the Middle East.

Murray & Roberts said the group order book settled at R42bn by March 31 2009 and had stabilised at this level over the past two months.

The company said it was taking a "prudent view" by forecasting a 15% to 20% increase in diluted earnings per share (EPS) and diluted headline EPS for the year to end June.

It said its operating margin would likely be maintained within the 7.5% to 10% range.

Headline EPS is the main profit gauge in South Africa and strips out certain one-off, financial and non-trading items.

Murray & Roberts shares dipped in and out of negative territory after the news, losing 0.84% to R47 by 16:49, lagging a 1% firmer JSE Mid-cap index.

- Reuters

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