S.African builder Aveng falls into H1 loss - CNBC Africa

S.African builder Aveng falls into H1 loss

Southern Africa

by Reuters 0

Aveng slumped into a 231 million rand ($15.2 million)headline loss in the year to the end of December. PHOTO: Flickr

South Africa's Aveng fell into a first-half loss on Tuesday due to weak global steel market and continued pressure on commodity prices.

The builder slumped into a 231 million rand ($15.2 million)headline loss, or 58 cents per share, in the year to the end of December compared with headline earnings of 138 million rand, 34.5 cents per share, the same time a year earlier.

Headline EPS is South Africa's main profit gauge and excludes certain one-off and non-trading items.

South Africa's construction industry has slowed sharply as the government delays rolling out its nearly 1 trillion rand ($81 billion) infrastructure investment plan and weak commodity prices hit demand from the mining industry.

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