Group Five cautions about expected loss

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(iStock)
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Johannesburg - Group Five [JSE:GRF] advised shareholders on Thursday that it would report a loss per share and headline loss per share of at least 170 cents per share for the six months to December 2016.

It is due to, among other things, the recognition of the group's financial socio-economic contribution of R255m, in terms of the agreement reached with the government of SA to implement a programme of initiatives that will significantly accelerate transformation of the South African construction sector, as announced in a SENS announcement of 11 October 2016.

Although payment will occur at R21.25m per annum annually over a 12-year period, the total liability must be recorded in the current reporting period as it is the period in which the liability has been incurred.

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