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VENTURES AFRICA – Shares of construction firm, Wilson Bayly Holmes-Ovcon (WBHO), slipped almost 5 percent on the JSE in early trade on Thursday.
This came after the construction company warned that profits for the six months to December 2013 would be weaker that during the previous comparable period.
WBHO, which is among South Africa’s top four construction firms with strong order books, said the drop in profits was attributable to losses posted by the Mozambique pipe factory, Capital Star Steel and the selling of Symo, a shelving business within its Capital Africa Steel.
In addition, WBHO said the profits for the period under review were further battered by the depressed mining action in West Africa.
The group said earnings a share will slip by between 17, 5 percent and 22.5 percent compared to the previous reporting period.
South Africa’s public companies use earnings a share to measure and gauge their profitability.