JOHANNESBURG – Construction firm Aveng on Monday said its losses narrowed in the six months to end December, citing an improved performance at its Grinaker-LTA business and the sale of its steel unit.
The company said its adjusted headline loss per share for the half year to the end of December fell 66.8% to 19.2 cents per share compared with 58 cents at end December 2015.
Group revenue fell by 21% to R14.3 billion ($1.10 billion) from R18 billion, while the group’s two-year order book decreased by 1% to R27.7 billion from R28.1 billion, Aveng said in a statement.
“Revenue reduced in all segments in line with management’s forecasts and prevailing difficult market conditions, but was partially offset by some growth in activity levels in Aveng Grinaker-LTA Building and Coastal business units and Aveng Trident Steel,” the company said.
Aveng said the local infrastructure market remained subdued, in line with South Africa’s sluggish economy, with limited large civil engineering and mechanical and electrical projects coming to market.