Construction company Basil Read expects to report a loss a share of between 84c and 103c for the year ended December 31, as well as a loss a share from continuing operations of between 39c and 48c.
This compares with earnings a share of 137.27c for 2015.
Operating profit from continuing operations was negatively affected by the R100-million in losses incurred on the Olifants River Water Resource Development project, where the full loss is the subject of a claims process.
Profit before tax was further affected by a present value charge of R41-million for the expense pertaining to the settlement agreement with government; a nonrecurring loss of R32-million on the discontinued operations of the pipeline business, which now forms part of the civils subdivision within construction; and a nonrecurring loss of R34-million on the disposal of SprayPave.
The company expects to report a headline loss a share of 80c to 98c for the year under review, compared with the headline earnings a share of 143.87c reported for 2015.
Basil Read will publish its results March 10.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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