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.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Invicta Holdings writedowns exceed market capitalisationGroup wrote down R1.1bn in assets in its year to end-March, including R639m related to goodwill
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »
Market data — July 26 2020Market data including bonds and fuel prices
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »