Murray & Roberts posts H1 loss

22nd February 2017

By: Anine Kilian

Contributing Editor Online

     

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JSE-listed Murray & Roberts (M&R) on Wednesday reported an attributable loss of R60-million for the six months ended December 31.

Revenue and profit from continuing operations were R10.7-billion and R119-million respectively for the period.

Diluted continuing headline earnings a share decreased to 27c, reflecting a reduction in earnings from the oil and gas platform of R172-million, a provision for additional costs of R130-million for closing out projects and the business in the Middle East, a negative exchange rate movement of R244-million and a one-off charge of R170-million in terms of the agreement entered into between all listed construction companies and government.

“M&R is largely exposed to the cyclical global natural resources sector, which has still not recovered from a period of prolonged weakness. This is reflected in the financial results recorded for the period under review,” CEO Henry Laas said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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