2 days ago
Aveng flags operating loss in the second half of the year
JSE-listed Aveng will report an operating loss before capital items in the second half of the year in line with that reported in the first half, the company said in a trading statement on Friday.
JSE-listed Aveng will report an operating loss before capital items in the second half of the year in line with that reported in the first half, the company said in a trading statement on Friday.
It said the operating loss before capital items for the year was negatively impacted by the J108 project in Southeast Asia and the Kidston Pumped Hydro project in Queensland. In addition, a warranty provision has been raised in Southeast Asia due to recently identified defects on a project currently in its defect liability period. The remainder of the project portfolio continues to operate in line with improving expectations.
Following the completion of projects in the year and the award of the new Gamsberg project, the Mining segment conducted an optimisation exercise on its fleet. This involved redeploying existing equipment, entering into a rebuild programme and disposing of redundant or end of life fleet.
An impairment charge of A$11.9 million (R136m) has been recognised in respect of assets identified for disposal. New Zealand operations have consistently reported profit. In prior periods, taxable profit was offset by previously reported tax losses in New Zealand. These tax losses were fully utilised and the group will report a tax charge in the current year. This results in an overall tax charge of A$15.1m for the Group.
The group now expects a basic (loss) of earnings per share of between 69.0 to 72.5 Australian cents for the year ended June 30, 2025 an increase of more than 100% from 20 Australian cents reported in June 30, 2024. It also expects a headline (loss) of earnings per share of between 63.3 and 67.2 Australian cents more than 100% from 29.6 Australian cents in the prior reporting period.
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