Aveng says full-year losses to narrow
JSE-listed infrastructure group Aveng on Tuesday said it expected its basic loss a share for the financial year ended June 30 to narrow to between R1.6-billion and R1.7-billion, compared with the R3.5-billion loss reported for the 2018 financial year.
Its headline loss for the period will be between R1.4-billion and R1.5-billion, compared with the restated headline loss of just over R1.5-billion reported for the prior comparative period.
Further, the company expected to report a headline loss a share of 9.3c to 10c, compared with a restated loss of 290.1c in the prior comparable period, while its loss a share had narrowed to 10.2c to 10.8c, compared with the 653.9c loss a share in the prior financial year.
The improvements follow from an extensive assessment of asset health within Moolmans carried out at the end of the prior year and at the beginning of the year under review, Aveng said, adding that this had resulted in certain costs being disaggregated within already recorded cost of sales to better reflect how the asset components are utilised.
Consequently, these costs have been reflected as a loss on derecognition of components following early component failure.
Aveng noted that the headline loss a share and loss a share values had been impacted on by an increase in the weighted average number of shares in the period.
Aveng will release its full-year results on August 28.
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