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Group Five headline earnings down

Feb 11 2015 12:44


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Johannesburg - South African construction firm Group Five [JSE:GRF] posted a 47% decline in first-half fully diluted headline earnings per share, blaming retrenchment costs and a weak performance by its civil engineering department.

Headline earnings per share (EPS) came in at 107 cents a share from 202c a year earlier in the six months to end-December, the company said in a statement on Wednesday. Headline EPS, is the main measure of profit in Africa and excludes some one-time items.

Group Five had warned diluted headline earnings per share would be between 40 to 50% lower than a year ago.

For the next six months, Group Five said it expects continued pressure on earnings due to slow market demand.

"The group expects continued pressure on earnings due to ongoing slow local market order intake, restructuring costs in civil engineering, an ongoing higher percentage contribution from lower-margin building and housing," chief executive Eric Vemer said in a statement.

The company cut its dividend to 30c from 45c a year earlier.

Group Five shares are down 13% so far this year, in line with the construction industry.


johannesburg  |  industrial  |  earnings reports


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