M&R warns of interim loss as a result of Covid-19 restrictions
JSE-listed Murray & Roberts (M&R) expects to report a loss a share of between 38c and 45c for the six months ended December 31, 2020, compared with earnings a share of 41c reported for the six months ended December 31, 2019.
It further expects to report a headline loss a share of between 24c and 31c, compared with headline earnings a share of 40c reported for the prior comparable period.
The company says its results for the six months under review were negatively affected by prolonged Covid-19 lockdown restrictions.
"The decline in earnings is attributed to prolonged Covid-19 restrictions' impact, especially in the Mining platform, a disappointing result by the Power, Industrial & Water platform, as well as a lower fair value adjustment profit from the investment in the Bombela Concession Company," it said.
Nevertheless, it says the group has recovered from the impact of the initial Covid-19 restrictions and that it is well positioned to operate successfully through the short to medium term uncertainty.
The group also achieved significant growth in its order book.
"Considering the Group’s record, quality order book of R60.5-billion and near orders of R19.9-billion as at December 31, 2020, it is well positioned for a strong return to profitability in the 2022 financial year and to achieve meaningful earnings growth in the short to medium term," it says.
M&R will publish its interim results on March 3.
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