August 22, 2017 / 6:48 AM / a year ago

S.Africa's Group Five faces challenge to climb back to profit - CEO

JOHANNESBURG, Aug 22 (Reuters) - South Africa’s Group Five chief executive said on Tuesday it would be challenging to lift the construction firm back into profit but the goal would be achieved.

“If you look at the results we’re sitting with a business that just announced 8.29 rand fully diluted headline loss, so to turn it around from that would be quite a tall order,” CEO Themba Mosai told Reuters, but added: “We are poised to turn this ship around.”

The construction firm, which swung to a full-year loss, said in a earlier statement the firm’s new board would set the firm on a more stable course in the coming year with plans to restructure its operations and improving execution of contracts.

Reporting by Nqobile Dludla; Editing by Edmund Blair

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