Group Five swings to an annual loss on settlement charge



22-08-2017
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Moneyweb
Source

Headline loss per share for the full-year ended June was 853 cents per share.

South African construction firm Group Five swung to a full-year loss, it said on Tuesday, blaming a R159.1 million ($12.10 million) settlement with the country’s government and a weak performance by its engineering and construction business.

The group, which recently overhauled its board, said the headline loss per share for the full-year ended June was 853 cents per share, down from the headline earnings per share of 335 cents in 2016.

Group Five was one of seven construction companies that agreed in October to contribute a total of R1.5 billion over the next 12 years to a fund to develop skills in the sector and give black South African workers a bigger role.

This followed antitrust authorities imposing a penalty on the sector in 2013 for collusion in tendering processes.

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