Alert Steel's loss of 132.9c a share

Revenue from continuing operations fell by 13.1% to R716.78m‚ while the operating loss narrowed to R51.181m from an operating loss of R72.544m.

Alert said the main reason for the fall in revenue was the difficult trading conditions‚ particularly in Limpopo‚ where the national government froze public works contracts‚ and where there was a strike at the Medupi power station that is under construction.

At the end of June Alert Steel's total liabilities exceeded its total assets by R23.5m. The group said there had been "considerable improvements" in its financial performance‚ cash flow and financial position.

It said even in the current market conditions‚ the earnings before tax and depreciation were covering the interest burden and it had sufficient cash resources to meet its obligations as they fall due.