South Africa's Pick n Pay warns earnings may fall again if blackouts persist

  • 📰 ReutersAfrica
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 53%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Pick n Pay's 2023 earnings may not exceed those of the previous year if rolling power cuts persist, the South African supermarket chain said after reporting weaker earnings on Thursday, hit by energy and store revamp costs.

Workers repair a logo of South African retailer Pick n Pay in Johannesburg, South Africa, April 19,2018. REUTERS/Siphiwe Sibeko2023 earnings may not exceed those of the previous year if rolling power cuts persist, the South African supermarket chain said after reporting weaker earnings on Thursday, hit by energy and store revamp costs.

State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark for up to 10 hours a day, disrupting manufacturing and hurting businesses. Chief Financial Officer Lerena Olivier told investors the earnings outlook for the financial year to February 2024 will largely be driven by diesel costs, increased financing costs and the extent of power cuts, offset by cost saving initiatives.

 

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

 /  🏆 31. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines