WBHO expects to return to profitability after lower first half earnings
CAPE TOWN - WILSON Bayly Holmes-Ovcon said yesterday that it would return to profitability even though it had been hit by unidentified costs associated with the Western Roads Upgrade project in Australia in the six months to December 31.
The construction group said in a trading statement that earnings a share and headline earnings a share for the period was expected to be lower by at least 94 and 84 percent respectively.
The group said its Africa and UK operations achieved solid results amidst a challenging environment.
The building and civil engineering division performed well and revenue was expected to have improved substantially over that of the second half of the prior year, and to be about 4 percent down over the comparative period, which was prior to the impact of Covid-19.
Revenue in the roads and earthworks division was expected to have recovered considerably compared to the second half of the prior year, but would have likely declined by about 11 percent over the comparative period.