Aveng posts drop in earnings

Johannesburg - Construction firm, Aveng [JSE:AEG], reported a drop in half-year profit on Tuesday, hit by a slowdown in public building projects and spending in the mining sector as well as labour disruptions.

Aveng said headline earnings per share fell 58% to 34.5 cents in the six months to the end of December, in line with what the company had previously flagged to the market.

Revenue decreased by 14% to R23.9bn, net operating earnings was down by 19% to R413m, headline earnings per share was down 58% to 34.5 cents, net cash improved to R1.7bn and the two-year order book was flat at R32.5bn against December 2014.