Basil Read Says H1 Earnings To Fall, Shares Drop

The share price of JSE-listed Basil Read dropped by 6% on Tuesday, after the construction company said that it expected to report significantly lower interim earnings.

The group said headline earnings a share would be between 25% and 35% lower in the interim period ended June 30, compared with the previously reported corresponding period.

Earnings a share could fall by 20% to 30%, the company stated.

Basil Read's share price fell by 6,2% on the news, to a low of R11,63 a share following the release of the trading statement.

By 15:45, shares were trading at R11,80 a share.

Basil Read would publish its results on August 31.