Basil Read expecting half-year losses
Construction, mining, development and engineering group Basil Read on Thursday announced that it expected a loss a share for the six months ended June 30, of between 131.18c and 160.33c, compared with the 198.28c earnings a share in the prior corresponding period.
The company noted that its comparative results for the six months ended June 2013 included the profit on disposal of the TWP group to the value of R183-million.
Basil Read also noted that it expected headline losses a share of between 131.17c and 160.31c, compared with 43.69c in the previously reported corresponding period.
In a previous trading update, Basil Read advised its shareholders that earnings and headline earnings had been negatively affected by loss-making contracts in the roads and civil engineering divisions owing to ongoing challenging conditions.
In the process of finalising the group’s results for the six-month period, additional losses relating to these contracts had been recorded.
“For certain of these contracts, the group is currently finalising claims to be submitted, but has not included any of these claims and/or possible delay damages in projecting the estimated earnings and headline earnings decline,” the company said.
Basil Read would publish its interim results on or about August 27.
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