Nampak loses nearly R2bn amid crisis in Zimbabwean currency
The company expects to slip into a headline loss in its year to end-September partly due to currency volatility in SA's neighbour
The share price of packaging group Nampak fell to a more than two-decade low on Monday after it warned that its 2019 profit will be severely reduced by several misfortunes, including a R1.9bn foreign-exchange loss in Zimbabwe.
The company’s share price slid as much as 10.8% in morning trade on Monday after it announced that its headline earnings from continuing operations for the year to end-September were expected to decrease by 67%-72% when it releases its results on Wednesday. Headline earnings is the preferred measure of profitability for many companies as it focuses only on day-to-day operations and excludes one-off transactions...
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