M&R reports earnings turnaround, expects trend to continue
Construction group Murray & Roberts (M&R) reported attributable earnings of R1-billion for the year ended June 30, 2013, a sharp turnaround from the attributable loss of R700-million recorded in 2012.
The result included an attributable profit of R223-million on the disposal of Clough’s investment in Forge Group Limited.
CEO Henry Laas said the board was pleased with the significant improvement achieved and expected the positive earnings trend to continue in the medium- to long-term, driven mainly by its international operations.
M&R announced in July that it would make an offer to acquire all of the outstanding ordinary shares in Clough, which is listed on the ASX.
The group generated revenue of R34.6-billion, which was up on the R31.7-billion reported in 2012.
M&R’s net cash position also improved to R4.3-billion from R1.2-billion, with net cash proceeds from disposals totalling R2.2-billion.
The company ended the year with an order book of R46-billion, a modest improvement on the backlog of R45.3-billion reported last year.
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