Purple Group shares slip after company reports loss
The share price of Purple Group lost 2c, or 4.4%, to 44c after reporting it fell into a loss of R48m in the six months to end-February from a profit of R11m in the matching period. Interim revenue fell 43% to R37m from R65m. "Of course I’m disappointed in the result, but I know how well Purple Group is positioned for the changing, informed retail environment," chairman Mark Barnes said in the results statement. Barnes is also the CEO of the South African Post Office. Purple segments itself into four businesses: its online stockbroker Easy Equities; its over-the-counter derivative trading businesses GT247.com and GT Private Broking; Emperor Asset Management, and investments which contributed 67% of the net loss. The investment loss was mainly due to a total write-down of R42.9m before tax and R33.3m after tax for Purple Group’s stake in housing financier Real People Investment Holdings. "The write-down of the Real People asset is a once-off event, whilst disappointing, it is a legacy...
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