Steinhoff Investment Holdings, a subsidiary of Steinhoff International, has swung into a hefty first-half loss as it makes provision for possible legal settlements.
The company has made a R9.4bn provision for legal claims, which follows Steinhoff unveiling a settlement plan in July. Steinhoff Investment’s operating profit from continuing operations, after other material expenses, swung into a R10.5bn loss in its six months to end-March, from profit of R4.1bn previously.The group reported a headline loss per share of 23,716.3c, from headline earnings per share of 2,481.8c previously.
Steinhoff, whose shares have plunged more than 90% since it disclosed “accounting irregularities” in December 2017, uncovered a €6.5bn hole in its accounts in 2017, causing a share collapse and multiple lawsuits from former business partners and aggrieved shareholders, including former chair Christo Wiese.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Santam holds on to cash amid legal battle over business interruption claimsThe group has opted not to declare an interim dividend amid the lockdown fight
Source: BDliveSA - 🏆 12. / 63 Read more »