×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Aveng is postponing the release of its annual results by more than a month as it conducts a review of long outstanding uncertified revenue. This involved a multimillion-dollar award over the Queensland Curtis Liquefied Natural Gas (QCLNG) pipeline project completed in 2014 by a joint venture that included Aveng subsidiary McConnell Dowell in Australia. It is also related to the termination of the Aveng Steel subsidiary disposal process; the Aveng Grinaker-LTA empowerment transaction; and the renewal and withdrawal of cautionary announcements. Aveng said its annual results, which had been set down to be released on August 22, will now be published on September 28. After various contractual disputes and a protracted arbitration process, the construction and engineering group said it had now received A$50.5m ($40.04m) — including interest — for the QCLNG project. But this was less than the amount recognised within uncertified revenue and claims. In this regard, the group had said that ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.