Basil Read CEO: company on track to achieve R160 million profit after tax


While it hasn't been the easiest year thus far for construction giant Basil Read, the remainder of 2015 looks good, says company CEO, Neville Nicolau.

At last week's interim results presentation, Nicolau said that although the mid-year R66.6 million profit after tax is less than half the targeted sum, the remainder of 2015 should get the company all the way to its final, anticipated R160 million target.

Nicolau noted that cash resources are a concern, with Amanda Wightman, company CFO, adding that liquidity is being closely managed, as it is currently tight. She did however note that this has no bearing on daily operations.

The company's key results include R2.9 billion in revenue from continuing operations (decreased from R3.1 billion in June 2014), with net profit of R41.6 million reported (compared to a loss of R198 million in June 2014). Headline earnings of 37.12 cents per share were also reported, converted from a headline loss per share of 145.74 cents for the first half of the previous financial year.

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