Aveng results ahead of expectations

Posted On Monday, 31 October 2005 02:00 Published by Commercial Property News
Rate this item
(0 votes)

Aveng says that results from its cement, steel and manufacturing businesses for the first quarter of the 2006 financial year were slightly ahead of expectations

Aveng Grinaker LTAConstruction, steel and cement group Aveng has said that results from its cement, steel and manufacturing businesses for the first quarter of the 2006 financial year were slightly ahead of expectations.

"Demand for Aveng's construction services has strengthened since year end. Grinaker-LTA Limited's order book grew by 10% to R7.6 billion during the quarter ended September 2005 with McConnell Dowell recording a 27% increase to A$460 million over the same period," the group said.

"We continue to be encouraged by government's strong emphasis on infrastructure development in our country. We reiterate Aveng's commitment to using our considerable resources to assist wherever possible in giving effect to this bold programme," it added.

It said that following the recent release of the draft construction sector broad-based black economic empowerment charter, the group had evaluated its position.

"I am pleased to report to shareholders that as a result of the 2004 empowerment transaction with the broadly based consortium led by Tiso Group and our other internal empowerment initiatives; we are well placed to comply with the requirements of the proposed charter in the medium term," said Aveng chairman RB Savage said.

The short term outlook for the group was in line with statements made in 2005 Annual Report, he said. The strategy for 2006 remained focused on delivering on Aveng's three corporate objectives: growth in headline earnings per share of CPIX 10%; return on average equity of CPIX 10%; and net debt to equity ratio of 35%

Last modified on Friday, 21 June 2013 22:56

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

Despite hike, interest rate remains below pre-Covid levels, says Dr Andrew Golding

Jul 21, 2022
Dr Andrew Golding
With the inflation outlook deteriorating since the previous Monetary Policy Committee…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Please publish modules in offcanvas position.