M&R suffers loss of more than 10 times its market value, but says it has a future

Mining services and engineering firm Murray and Roberts (M&R) has suffered a full-year loss more than 10 times its R290 million market value, but it says it still has skills on offer and will be still pursuing business in the Asia-Pacific region despite a massive blow in Australia.

The group reported a loss of about R3.2 billion in its year to end-June from profit of R135 million previously, mostly due to the deconsolidation of its former subsidiaries in Australia. It also reported its order book has fallen 12.5% to R15.4 billion.