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Abandoned continental projects blamed for full-year loss
Three loss-making projects in Africa - two in Tanzania and the third in the Democratic Republic of Congo - were largely responsible for pushing listed civil engineering group Protech Khuthele into a loss in the year to February, Independent Online reports. Antony Page, the group's chief executive, said that the three abandoned projects had been undertaken by the group's contracting division.
Declining to comment on the total value of the impairments related to these three projects, which did not progress beyond the first phase, Page confirmed impairments were "sizeable and would make the group's results look very different". He added that the group had withdrawn from these projects and its remaining projects in Africa were all profitable.
Protech Khuthele reported a headline loss a share of 1c for the year to February, compared with headline earnings a share of 11.8c in the previous year. Group revenue dropped by 10 percent to R965.8 million from R1.1bn. The group reported an operating loss before interest and taxation of R3.8m, compared with the operating profit of R77.1m in the previous year. A dividend was not declared. The company's shares were unchanged at 58c on the JSE yesterday, Independent Online says.
Read the full article on www.iol.co.za.
