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Aveng returns to profit

The embattled infrastructure, resources and mining group Aveng has returned to profit according to a trading statement released on Thursday.

Aveng’s basic profit for the six months ended 31 December 2020 is expected to be between R416 million and R460 million, representing an improvement greater than 100% from the R170 million loss reported in the comparative period.

The headline earnings for the period is expected to be between R104 million and R114 million, representing an improvement greater than 100% from the headline loss of R205 million in the comparative period.

The HEPS is expected to be between 0.4cps and 0.8cps, representing an improvement greater than 100% compared to a HEPS loss of 1.1cps at 31 December 2019.

The EPS is expected to be between 2.1cps and 2.5cps, representing an improvement greater than 100% against a reported loss of 0.9cps in the comparative period.

Aveng will release its results for the six months ended 31 December 2020 on or about 23 February 2021.

The share price is currently trading at 4 cents on the JSE.

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