CAPE TOWN - Aveng said it expects its basic loss per share to improve by more than 100 percent in the year to end-June, the construction group said in a trading statement on Tuesday.
The loss would be between R1.63-R1.73 billion, compared with a R3.52 billion loss in the comparative period.
The headline loss would be R1.5-R1.6bn, compared to a
restated headline loss of R1.56bn in the comparative period.
The prior year headline loss was restated from R 1.67bn to R1,56bn following an assessment of asset health within Moolmans carried out at the end of the prior year and beginning of the current year.
Headline earnings per share loss and earnings per share loss values were impacted by a big increase in the number of shares. This was due to 4.92 billion shares issued in a rights issue in July 2018, and shares issued for the early redemption of the convertible bond on September 25, 2018.
As a result, the headline loss per share (HEPS) and the basic loss per share improved by more than 100 percent compared to the comparative period.
The HEPS loss would be 9.3-10.0 cents, compared to a restated loss of 290 cents at June 30, 2018, The group will release its results on August 2.