Aveng's SA profits plummet

While "the group's [Australian] operating segments reflected either steady or improved financial performances compared with the comparative period," the group said, the South African business weighed down the group, who thought it necessary to "de-risk some new loss-making construction contracts." The poor performance of the South African construction and engineering business was attributable to losses and loss provisions on Aveng's sub-contract for the Medupi and Kusile power plants, The New Age says.

Read the full article on www.thenewage.co.za.