Aveng says H1 HEPS to be 20-25 pct lower

Construction and infrastructure group Aveng (AEG) said on Tuesday that it anticipates earnings per share (EPS) and headline earnings per share (HEPS) will decline by between 20% and 25% in relation to the comparative period.

Construction and infrastructure group Aveng (AEG) said on Tuesday that for the six months ended Dec 2013‚ it anticipates earnings per share (EPS) and headline earnings per share (HEPS) will decline by between 20% and 25% in relation to the comparative period.

This translates to EPS of between 78.8c and 84.0c and HEPS of between 78.4c and 83.6c.

Net operating earnings were 8% below the comparative period‚ with Aveng Grinaker-LTA generating a materially higher loss and the mining operating segment’s contribution being lower‚ primarily as a result of the reduced order book‚ which was reported on June 30 2013‚ it said.

In addition‚ net financing expenses incurred in the current period were materially higher than the comparative period.

This was mainly attributed to the higher borrowings for the period due to the funding of working capital primarily for the large Queensland Curtis Liquefied Natural Gas project in Australia.

Aveng’s results are due for release on February 25 2014.

Last week, the JSE-Listed construction and engineering firm Aveng appointed financial director and acting CEO‚ Kobus Verster‚ as the new CEO‚ with immediate affect.