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Aveng's earnings between 20% and 25% lower

Aveng said on Tuesday (18 February) that for the six months to December‚ it anticipates earnings per share (EPS) and headline earnings per share (HEPS) to be down by between 20% and 25% compared with the previous year's earnings.

19 Feb 2014

Aveng expects its earnings to be sharply down for the six months to December. Image: David Castillo Dominici Free Digital Photos

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

The company said that net operating earnings were 8% below the comparative period‚ with Aveng Grinaker-LTA generating a materially higher loss and the mining segment's contribution being lower‚ primarily as a result of the reduced order book‚ which was reported in June last year.

In addition‚ net financing expenses incurred in the current period were materially higher than in the previous year, mainly because of higher borrowings to fund working capital for the large Queensland Curtis Liquefied Natural Gas project in Australia.

Aveng's results are due for release on 25 February.

Source: I-Net Bridge

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