Marshall Monteagle takes temporary R81m Covid-19 hit
Stock market volatility weighed on the investment group in its six months to end-March
Investment holding company Marshall Monteagle, which as coffee and property interests, swung into loss in its six months to end-March as Covid-19 buffeted global stock markets.
Covid-19 caused a major but temporary reduction in stock market valuations, which lasted over the period end, the group said, resulting in a reduction of the market value of investments of $4.7m (R81m).
Most of this reduction in market value has been reversed since the period end, the group said.
The group reported a loss of about $2.98m, from a restated after tax profit of about $4m previously. The group kept its interim dividend unchanged at 1.9 US cents.
In morning trade, the share price of group, which had assets of $29.2m at the end of March, was unchanged at R23, and was little traded.