News Formal

Invicta Holdings writedowns exceed market capitalisation

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

Belgique Nouvelles Nouvelles

Group wrote down R1.1bn in assets in its year to end-March, including R639m related to goodwill

Christo Wiese’s industrial holding company, Invicta, swung into a loss in its year to end-March after writedowns exceeded its market capitalisation.

The group swung into a R673m loss after the impairments, from R229m in profit previously, due to Covid-19 uncertainty and deteriorating market conditions.CEO Steven Joffe said on Monday that though the group only lost three trading days due to the pandemic, trading conditions are “exceptionally difficult”, with load-shedding and drought conditions also weighing on the industry.

Joffe, who was appointed in January, said the group is focused on improving cash generation, reducing inventories, and selling noncore properties.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 12. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Invicta Holdings writedowns exceed market capitalisationGroup wrote down R1.1bn in assets in its year to end-March, including R639m related to goodwill
La source: BDliveSA - 🏆 12. / 63 Lire la suite »

Market data — July 26 2020Market data including bonds and fuel prices
La source: BDliveSA - 🏆 12. / 63 Lire la suite »