Basil Read expects significant losses for 2014
JSE-listed construction group Basil Read expects to report a loss a share of between 588c and 635c for the year ended December 31.
This would be between 349% and 369% lower than the earnings a share of 235.9c recorded in 2013, owing to losses relating to contracts in the construction and engineering divisions.
The 2013 results had included the R183-million profit from the disposal of TWP.
The company further expected to report a headline loss of between 357c and 374c a share for the 2014 financial year, a fall of between 510% and 530% on the 86.99c reported for the prior corresponding period.
PROJECT LOSSES
Basil Read submitted a number of claims related to the lossmaking contracts, which were currently being assessed or under discussion.
“Although we are confident of a positive outcome, the possibility of gains through the claims process, and/or the possible impact of delay damages have not been recognised in terms of the prevailing accounting standards,” the company said in a statement.
A R304-million nonrecurring noncash impairment of goodwill was included in the overall projected losses.
“Decisive action has been taken by the new management team to reduce overheads and address noncore assets within the company, with a view to improving the company's performance for the ensuing year,” the group said.
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