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Construction services, materials and infrastructure investment group Group Five (GRF) on Monday reported a 44% decline in fully diluted headline earnings per share to 130 cents for the six months ended December 2011 from 233 cents a year ago.
An interim dividend of 22 cents per share was declared.
Revenue from continuing operations was 4% lower at R4.407 billion, while operating profit from continuing operations including fair value adjustments was 40% lower at R219 million.
Earnings per share were up, however, with EPS showing a 89 cents profit after a loss of 354 cents a year ago,
The company said the weakness in the general domestic construction and engineering markets in which it operates continued during the period, exacerbated by unpredictable delays in certain public infrastructure expenditure in South Africa as well as postponements in mining resource capital programmes.
In contrast, the African mining resources, power and energy sectors are recovering. The group's emphasis on a larger geographic footprint for more of its business units in Africa has assisted all three construction segments in a small way to mitigate some of the domestic market weakness. - I-Net Bridge
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