Stefanutti’s not got much to smile about
But it is surviving SA's construction doldrums better than most nonetheless
Financial results from construction group Stefanutti Stocks show once again how much stress the industry is under, and how urgently SA needs an infrastructure-build programme.
The sector has been all but crushed by a dearth of infrastructure spending since the 2010 Fifa World Cup, not to mention SA’s feeble economic growth rate and delayed payments from clients. To make matters worse, contractors have had to deal with major disruptions to projects by local communities.
Earlier this year, Group Five joined a handful of its peers in business rescue proceedings after lenders pulled the plug on the former industry stalwart...