Covid-19 demolishes WBHO construction firm’s profit
Loss worsened by misinterpretation of specifications of roads project in Australia
Wilson Bayly Holmes Ovcon (WBHO), the largest remaining construction firm on the JSE, suffered one of its biggest losses ever in the year to June 2020, as Covid-19 ravaged its operations abroad.
WBHO reported an R1bn profit hit, after Covid-19 disrupted projects and spooked its clients. The pandemic has resulted in lengthy project delays as activity was either reduced or ceased entirely, WBHO said. Its operating profit before nontrading items reversed from a profit of R561m in the 2019 financial year to an operating loss of R541m for the reporting period...