RECOVERY EFFORTS
EOH overhaul turns R1bn loss into operating profit
CFO sees ‘better quality of earnings’ in future
14 April 2021 - 10:48
UPDATED 14 April 2021 - 23:36
In a sign that the once must-have in fund managers’ portfolios is on a comeback trail, EOH has posted an operating profit for the first time since founder Asher Bohbot resigned as chair in the wake of graft allegations that struck its finances and tarnished its reputation.
The company, whose stock fetched about R170 before crashing to R8 after the revelations of dodgy public sector contracts emerged about three years ago, has introduced a raft of changes such as selling non-core assets and cutting debt after bringing in Stephen van Coller to spearhead the recovery efforts...
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