CIG reports constrained trading conditions
JSE-listed Consolidated Infrastructure Group (CIG) says it continues to trade in extremely difficult macroeconomic conditions, with pressure on all businesses.
Reporting on the company’s results for the four months ended December 31, CIG on Wednesday said it had, however, initiated interventions to respond to the challenging conditions, with most of its businesses having traded in line with expectations during the four months under review.
The group announced in December that it would change its financial year-end from August 31 to December 31, effective for the period ending December 31, 2019.
Nevertheless, it expects to report a loss a share of between 50c and 105c for the four-month period.
Moreover, it expects a headline loss a share of between 52c and 107c.
The group’s most challenging business remained Consolidated Power Projects (Conco). The positive impact of focused management and operational execution oversight had started to materialise but failed to negate the costs associated with an overhead structure that was oversized relative to the level of current market activity, CIG noted.
The results were further impacted on by material finance charges on interest-bearing borrowings.
Its Conlog subsidiary was, meanwhile, impacted on by higher-than-budgeted operating costs, including one-off costs following the relocation of the office and manufacturing operations in November 2019.
In terms of debt restructure, CIG and Conco were finalising binding legal agreements, which would be subject to normal conditions precedent.
The group expects to release its audited consolidated results for the four months and its integrated annual report to the market on or before February 28.
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