Construction group Basil Read expects to report lower earnings when it publishes its interim financial results on August 25, the JSE-listed group said on Thursday.

Headline earnings and earnings a share for the six months ended June 30 could be between 20% and 30% lower than that of the corresponding period in 2010.

Last week, Wilson Bayly Holmes-Ovcon said earnings for the full year ended June 30 could be between 15% and 25% lower. Group Five and Aveng also warned of lower earnings, while Murray & Roberts expects to post a loss.

Basil Read also said that it did not make provision for a possible administrative penalty with regards to the Competition Commission’s bid-rigging probe, as the outcome of the process would only be known next year.

Shares in Basil Read fell 10% on Thursday to R11.50 a share, from Wednesday’s closing price of R2.80 a share.

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