News Formal

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%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

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.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 12. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

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
Källa: BDliveSA - 🏆 12. / 63 Läs mer »