Steinhoff International reports first-half loss of €599m
Steinhoff International, the retailer that is struggling to stay in business after an accounting scandal wiped more than 90% off its value, said its losses widened in the first half of its 2018 financial year and that its liquidity condition remains challenging. The group recorded a loss of €599m for the six months to March 2018, results showed on Friday. It also restated financial results for the six months to March 2017, wherein it reported a loss of €362m. The company’s bottomline loss for the half-year to June 2018 was €3m. Its equity position also shrank following the restatement. After originally being at €16.635bn at the end of March 2017, it was restated to €5.692bn. At the end of March 2018, its total equity was €3.793bn. Steinhoff’s board said it would try to improve the company’s liquidity position so as to continue trading. "The past seven months has been a very challenging period for the people in our group, and we would like to make use of this opportunity to thank the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.