Johannesburg - Shares of Aveng Ltd fall more than 4 percent after the construction company, hit by a drop in full-year profit, warns that labour unrest could dent profit again this year and that public sector infrastructure spending is likely to be slower than previously expected.
Aveng, South Africa's largest building firm by revenue, says its headline earnings per share fell by 3 percent to 124.6 cents compared to last year.
The construction firm has not declared a dividend for the full year.
“The main focus is on the fact that they are talking about slowing infrastructure spend and the effect that the strikes have had on the productivity and profitability,” said La'eeq van Heerden, head of Africa equity trading at Stanlib.
Aveng is down 4.27 percent at 28 rand, the second-biggest decliner among Johannesburg's broad All-Share index. - Reuters