Tuesday, 02 December 2014 10:51

Buildmax reports first-half HEPS loss of 21.5c

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Buildmax says its first-half headline loss per share to the end of August was 21.5c from a profit of 19.6c in the year-earlier period.

Terry Bantock

No interim dividend was declared. The headline loss of R38.4m compares with a headline profit of R35.5m. Revenue decreased to R550m from R565.2m previously.

Mining services contributed 72% to revenue and the civils and earthworks business 17.1%‚ the company said. Aggregates and quarries contributed 10.9% to revenue.

"Downward pressure on commodity prices has negatively impacted opencast mining activity both locally and internationally‚" the company said.

"This dynamic has resulted in fierce competition‚ an oversupply of plant and poor second-hand equipment values suppressing the appetite of financial institutions to provide funding to this challenging sector. Due to the group's exposure to the contract mining and construction sectors‚ it has experienced extremely tough trading conditions‚" it said.

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