Aveng adjusts expected year-end losses downwards
JSE-listed Aveng on Friday revised its expected 2015 financial results further downwards amid challenging economic conditions in domestic and foreign markets, labour disruptions in the mining and steel sectors and higher-than-expected costs to complete certain contracts.
In the year to June 30, headline losses were expected to be between R550-million and R590-million, with basic losses expected to be between R430-million and R470-million.
Aveng further expected to report headline losses a share of between 137c and 147c – a plunge of between 222% and 231% on the headline earnings of 112.5c reported for the prior financial year.
Aveng expected to report a basic loss a share of between 107c and 117c – a decrease of between 5% and 15% on the basic loss a share of 101.9c in 2014.
Aveng had posted headline earnings of R421-million and a basic loss of R381-million respectively, in the 2014 financial year. The group would publish its financial results for the year on August 18.