Murray & Roberts readies for higher FY earnings
Construction major Murray & Roberts expects its results for the financial year ended June 30, to show a strong year-on-year improvement, reporting on Thursday that basic earnings a share for continuing and discontinued operations would likely increase from 247c in 2013 to between 305c and 315c in the period under review.
Similarly, headline earnings a share from continuing operations was expected to improve from 132c to between 200c and 210c.
Updating the market on the group’s discontinued operations, Murray & Roberts said the sale of its shareholding in transport infrastructure group Tolcon, as announced last week, remained subject to approval by the Competition Commission and other authorities.
The agreement excluded the investments in the Bombela Concession, the Bombela operating companies, the Entilini Concession and the Entilini operating companies.
In addition, after announcing in June that it had reached a financial settlement with Boskalis Australia over its Gorgon Pioneer Materials offloading facility claim, Murray & Roberts would now receive additional income of R323-million.
It had also made a R300-million provision for its share of potential costs to be incurred as part of a water ingress dispute between the Gauteng province and the Bombela Concession company related to the construction of the Gautrain.
This claim was expected to be settled no sooner than 2016.
Meanwhile, the arbitration process related to the Dubai International Airport claim was ongoing and was expected to be resolved next year.
The group would release its results on August 27.
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