SOUTH Africa’s largest engineering and contracting group Murray & Roberts has reported sharp losses for the 2000 financial year, but expects earnings to improve in the year ahead. ”We are now in a position to get down to business … we have a strong balance sheet which gives us a solid platform for growth,” chief executive Brian Bruce told analysts. M&R – the largest engineering and contracting firm in terms of market capitalisation and turnover – reported a loss of R571m for the 12 months to June 30, 2000, versus a R66m loss previously. Like many other South African construction and engineering companies, it has restructured heavily in a bid to counter a downturn which first hit the sector in 1998, but is showing signs of a modest recovery. – Reuters