Diluted headline earnings per share were up from the previous year‚ but normalised year-on-year headline earnings per share dropped by 28%.
The results were skewed by last year's R323m provision for a Competition Commission fine‚ as part of an industry collusion settlement process.
But they were mainly marred by an operating loss of R151m in the group's building division‚ resulting from some poor project execution and the closing-out of certain loss-making contracts.
The group said that management action had been taken to address these matters.
Overall operating profit fell from R219m (before the Competition Commission penalty last year) by 19% to R177m this year. The group's operating margin falling from 2.4% to 1.9%.
But finance costs for the year fell as a result of interest-bearing liabilities having dropped by 30% to R659m.
Group revenue rose 5% in the year‚ and the order book strengthened to R12.8bn compared with R8.5bn at the end of last year.
Cash on hand continued to exceed net debt‚ resulting in a nil net gearing position for the group at year-end.
"The economic climate over the past few years has placed tremendous pressure on the construction industry‚ including Stefanutti Stocks‚ and we expect these conditions to prevail at least until the end of the current financial year‚" Chief Executive Willie Meyburgh said.
The group said all its businesses‚ excepting the building and power business units‚ performed according to expectations‚ despite difficult trading conditions.
Meyburgh said the structures unit and also the roads‚ pipelines and mining unit continued to perform well‚ making positive contributions towards operating profit.
The mechanical and electrical business unit showed significant improvement in the year.
Mechanical and electrical saw an operating profit of R1.3m‚ back in positive territory after a R51m loss last year.
But‚ along with the building business‚ the former power business delivered a poor set of numbers. It had now been incorporated as a division of the mechanical and electrical business unit.
The group did not declare a dividend for the year.
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