Wilson Bayly Holmes-Ovcon (WBHO) on Tuesday reported a massive turnaround in fortunes from 12 months ago when it boasted R513-million in operating profit for the year ended June 30, to a position where it suffered an operating loss of R585-million. The group cited the main reasons for the decline in profit as the additional expected losses provided for on the Western Roads Upgrade project and the loss-making 443 Queen Street project, both in Australia, and R396-million in potentially unrecoverable costs arising from Covid-19.
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