It also said that headline earnings per share for same period will decrease by between five per cent and 10 per cent, or 528 to 557 cents per share, in relation to the comparative period.
“The results in respect of the comparative period, being the six months to 31 December 2013, are to be restated in accordance with International Financial Reporting Standards (IFRS) in order to disclose the results from discontinued operations,” the construction company said.
[DATA WBO:Wilson Bayly Holmes–Ovcon] (WBHO) further stated that as a result of the restatement, earnings per share in respect of continuing operations is expected to decrease by between 10 per cent and 15 per cent in relation to the restated comparative period.
“Headline earnings per share in respect of continuing operations is expected to decrease by between 15 per cent and 20 per cent in relation to the restated comparative period,” it said.
(READ MORE: WBHO records muted results)
“The reasons for the decrease in earnings for the six months to 31 December 2014 relate predominantly to poor performances from both Australian civil businesses, namely WBHO Civil and Probuild Civil, as a result of three material loss-making projects.”
The company added that the remaining business segments have performed largely in line with management’s expectations, and that the results will be released on SENS on 23 February 2015.