RAUBEX SAYS EPS WILL BE WORSE THAN FORECAST

RAUBEX, the listed infrastructure development and construction materials supply group, yesterday warned shareholders its earnings per share

( Eps) for the six months to August 31 were expected to be much worse than it previously forecast. In a trading statement on July 30, the company said it expected earnings and headline earnings per share to be at least 80 percent lower than the corresponding period. Yesterday, the company said earnings and headline earnings per share were expected to be between 130 and 150 percent lower than in the corresponding period. This would translate into a loss per share of between 19.4 cents and 32.3c, and a headline loss per share of between 17.6c and 29.3c. The decrease was due mainly to the effects of the lockdowns, which in South Africa saw Raubex’s operations reach near normal levels of operation only towards the end of July. However, all its South African operations were now operational. The company maintained a strong balance sheet during the period. Cash and cash equivalents grew to an average daily balance of R1.5 billion during August. The cash balance had been supported by R138.1 million received from the disposal of Raubex Property Investments concluded in the prior year. Interestbearing debt amounted to R844.4m at August 31. “Contract opportunities which the company has tendered for in the South African construction sector remain encouraging,” the directors said.