Controversial debt-relief law taking a bite out of earnings, says TFG

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The group says it is being cautious in extending credit, but reported 14.1% growth in cash turnover for TFG Africa for the first 21 weeks of its 2020 year

Clothing group TFG says it had seen solid growth in cash turnover the first 21 weeks of its 2020 financial year, but credit extension remained almost flat in Africa due to new debt-relief laws in SA.

President Cyril Ramaphosa signed the bill into law earlier in August, setting the stage for overindebted consumers to have payments suspended, in part or full, for as many as two years, or even cancelled if they remained financially distressed. Group online turnover jumped 9.9% over the period, now constituting 9.3% to total turnover. TFG Africa's online sales jumped 58.5% and TFG Australia's 32.6%, while TFG London saw a 1.5% decline.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WATCH: How iron ore lifted ARM’s earningsAfrican Rainbow Minerals CEO Mike Schmidt talks to Business Day TV about the group’s full-year results
Source: BDliveSA - 🏆 12. / 63 Read more »