BUSINESS DAY TV: Liberty steps up to challenges
Liberty CEO Thabo Dloti speaks about the confluence of factors that resulted in a sharp slide in 2016 profit and what the company is doing to improve the situationBUSINESS DAY TV: Liberty moved to reassure investors that it’s taken steps to address the short term challenges that have affected its performance, that’s after the insurer and asset manager reported a 38% drop in normalised headline earnings per share for the year to December. Talking with more detail is CEO Thabo Dloti.And Thabo ... so it looks like it was a confluence of factors that fed into this sharp depreciation in profits, any one-off factor you can pin it on?Thabo Dloti: Yes you are right. It’s a confluence of factors, first of all its IFRS (International Financial Reporting Standards) reporting for our Reits (Real Estate Investment Trust) which really is a noise in our numbers, in essence whatever we hold in the Reit, if the Reit appreciates in value it’s recorded as a negative component in our reported earnings....
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