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Aveng warns of impending 25% earnings slump

18th February 2014

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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Aveng has cautioned shareholders that it expects earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended December 31 to decline by between 20% and 25%, as net operating earnings fell 8% below the prior comparative period.

This translated to EPS of between 78.8c and 84c and HEPS of between 78.4c and 83.6c.

Aveng Grinaker-LTA also generated a materially higher loss, while the mining operating segment’s contribution was lower primarily as a result of the reduced order book reported on June 30.  

In addition, net financing expenses incurred in the current period were materially higher than the comparative period mainly owing to the higher borrowings for the period.

The group’s interim results would be released on February 25.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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