Aveng shares benefit from announcement that its losses have halved
AVENG’s share price jumped 13.6% to R4.60 on Wednesday after the construction group said its headline loss had halved in its past financial year.Aveng said in a trading statement it expected to report on August 23 its headline loss per share for the year to end-June would narrow to between 65c and 79c from the previous year’s 144.3c.The group raised R860m by selling its share of four major infrastructure investments and a further R252m by selling 70% of Aveng Steeledale, the company said in a statement.It is still in negotiations relating to the sale of Aveng Trident Steel and Aveng Steel Fabrication. It is also negotiating the introduction of an empowerment partner for Aveng Grinaker-LTA.The group attributed the reduction in its headline loss to an improved financial performance from Aveng Grinaker-LTA following the completion of loss-making and noncontributing contracts.Negatives during the financial year included restructuring expenses and underperformance on certain contracts in...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.