South Africa's Group Five H1 earnings down 47 percent, outlook gloomy

South African construction firm Group Five posted a 47 percent decline in first-half fully diluted headline earnings per share, blaming retrenchment costs and a weak performance by its civil engineering department. Headline EPS, the main measure of profit in South Africa, excludes some one-time items. Group Five had warned diluted headline EPS would be between 40-50 percent lower than a year ago. For the next six months, Group Five said it expects continued pressure on earnings due to slow marke