Stefanutti cuts investmens, stabilises position
Channel: Engineering News
Date: 2013-11-21

Stefanutti Stocks planned to cut back on investment and capital expenditure (capex) and withhold dividends, as the construction company continued to stabilise and improve its financial and operational position.

CEO Willie Meyburgh said cash spent on investing activities reduced to R49-million during the six months ended August 31, from R397-million during the prior corresponding period, mainly as a result of reduced capex and cash required for acquisitions.