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Murray & Roberts' FY earnings slump on Middle East business
August 23, 2017 / 3:12 PM / a month ago

Murray & Roberts' FY earnings slump on Middle East business

JOHANNESBURG, Aug 23 (Reuters) - South African engineering and construction group Murray & Roberts reported a 59 percent fall in full-year earnings on Wednesday due to a loss incurred in its Middle East business and a settlement with South Africa’s government.

The firm, which sold its infrastructure and building business in April, said diluted headline earnings per share from continuing operations, which include the Middle East business, fell to 72 cents for the year to June 30 from 175 cents the year before.

Murray & Roberts in May announced plans to dispose of its business in the Middle East after selling its infrastructure and building unit to Firefly Investments as it shifts its focus to the global natural resources sector.

Shares in the firm were down 4.48 percent to 13.66 rand at 1458 GMT. (Reporting by Nqobile Dludla; Editing by Mark Potter)

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