Group Five looks to ME after World Cup dip
South African giant hopeful on mining and energy markets
South African construction giant Group Five has blamed its US$4.5 million loss in H2 2010 on a lack of public sector capital investment, a down cycle in the construction sector, and a malaise in the country’s economy since hosting the 2010 Fifa World Cup.
CEO Mike Upton, told analysts that the company that supplies plant, mining and construction equipment among its many is looking at new markets in Africa and the Middle East to turn the company’s fortunes around.
"We are looking at partnering with junior miners as projects come on stream in Africa and the Middle East and Europe. We will be using our experience in mining projects to our advantage to expand into new markets, especially in the mining and energy sector," said Upton.
"The market is going to be tough in the next six to nine months and it remains difficult to predict. We are only likely to see signs of predictability probably next year."