Headline earnings per share at Aveng plummeted by 34% to 70,6c in the six months to December, despite a revenue increase of 13,4% to R19,1bn.
Half-year earnings plummet despite healthy growth offshore, the poor state of the local construction sector dragging down the balance sheet
Esorfranki on Thursday advised that it is in negotiations to acquire the business of a development company with rights as the "turnkey developer/contractor" for an integrated mixed-use, affordable housing development on approximately 237ha of land
Although the FNB/BER construction confidence index remained low, construction activity picked up and tendering competition eased relative to the previous six months
Construction companies hoping to cash in on government's R1-trillion infrastructure spending spree have been left sorely disappointed
Construction firms would need to focus on customer reach, cost competitiveness, operational agility and stakeholder confidence to succeed in a changed global economy, new research out on Wednesday revealed
Aveng advised that it anticipates that its earnings per share and headline earnings per share for the year ended June 2011 will be 30% to 40% lower than 480.3c and 483.6c of corresponding period.
While stocks in the heavy construction industry were set to continue to hold their value in the short term, some analysts have warned of patchy growth in the sector over the medium term while some are more bullish and will be looking to increase exposure for a sector they deem to be "underweight"
Murray & Roberts said it is using 'section 45' of the Tax Act to merge with its subsidiary Concor, forming a single company called Murray & Roberts Construction with R6,5bn turnover.
Construction group Group Five revealed on Tuesday that fully diluted headline earnings per share for the full year ended 30 June 2011 are expected to be between 45% and 55% lower (253c per share to 309c per share) compared to the 561c per share in F2010