Infrastructure development group , from R3.5bn in the 2018 financial year to between R1.6bn and R1.7bn, the company said on Tuesday.
The group, which is scheduled to release its result for the year to June on Wednesday, said it expects a headline loss of between R1.4bn and R1.5bn, compared with a headline loss of just more than R1.5bn in 2018.“This follows an extensive assessment of asset health within Moolmans carried out at the end of the prior year and beginning of the current year,” Aveng said.
Aveng said the increase in the weighted average number of shares affected headline loss per share for 2019. The number of shares increased as a result of the 2018 rights issue in which the company issued just less than 5-billion shares.Aveng also issued 14-billion shares in relation to the early redemption of the convertible bond in September 2018.
“As a result, the headline loss per share and the basic loss per share for the year ended 30 June 2019 have improved by more than 100%, compared to the comparative period,” Aveng said.