Basil Read CEO Marius Heyns
Photo by: Duane Daws
Construction group Basil Read returned to profitability for the year to December 31, 2013, reporting a net profit after tax from continuing operations of R100.5-million, up from a net loss of R196.1-million in 2012.
CEO Marius Heyns described 2013 as a year of “consolidation and stabilisation”, adding that he was “optimistic” that the basics were in place for a successful 2014.
The JSE-listed company’s order book also improved by 22% to R12.5-billion by the end of December.
Basil Read, which reported a 15% rise in revenue to R6.3-billion, managed to reduce its debt to R426.4-million from R890.4-million a year earlier.
Net margins from continuing operations improved to 1.6% from a negative margin of 3.6% in the prior year.