Construction, engineering and mining contractor Murray and Roberts released its interim results on Wednesday and headline earnings from continuing operations nearly doubled to R221m, largely driven by its underground mining activities and reduced loss in its Middle East business. Revenue from continuing operations increased by 10% but project delays and tough market conditions weighed on its order book declined by 10%. Business Day reported that Murray & Roberts had said that the mining business had a strong pipeline of orders, but there was a lack of work in the oil and gas and the power and water sectors. CEO Henry Laas said: “I expect that the oil and gas business will have another tough 12-18 months post year-end, but there are early signs of investment returning.” He said the overall increase in the number of tenders submitted, feasibility studies and project estimates gave the firm “a bit of optimism that better times are waiting for us”. Laas spoke to Business Day TV about th...
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