News Formal

Invicta Holdings writedowns exceed market capitalisation

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

Italia Notizia Notizia

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.

 

Grazie per il tuo commento. Il tuo commento verrà pubblicato dopo essere stato esaminato.
Abbiamo riassunto questa notizia in modo che tu possa leggerla velocemente. Se sei interessato alla notizia puoi leggere il testo completo qui. Leggi di più:

 /  🏆 12. in İT

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Invicta Holdings writedowns exceed market capitalisationGroup wrote down R1.1bn in assets in its year to end-March, including R639m related to goodwill
Fonte: BDliveSA - 🏆 12. / 63 Leggi di più »

Market data — July 26 2020Market data including bonds and fuel prices
Fonte: BDliveSA - 🏆 12. / 63 Leggi di più »