CONSTRUCTION group Aveng reported a R65m net loss for the year to end-June, an eighth of the prior year’s R518m loss.It managed to turn to an operating profit of R146m from the prior year’s R288m loss, and bolstered its results with R592m profit from the sale of property, plant and equipment.Aveng said it returned to operating profit thanks to its largest division, Aveng Grinaker-LTA, completing unprofitable contracts and settling legal disputes.Aveng narrowed its loss on a 23% drop in revenue to R33.8bn from the prior year’s R43.9bn.The drop in revenue was particularly dramatic in Australia where it more than halved to R5.8bn from the prior year’s R12.8bn. Australia accounted for 17% of the group’s total revenue, down from 29% in its 2015 financial year.Aveng’s Australian business, McConnell Dowell, "underwent a comprehensive resetting of its business under new leadership" during the reporting period, the results statement said.The group’s Australian order book increased by 22% to ...
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