News24
12 Jul 2019, 17:43 GMT+10
Steinhoff [JSE:SNH] has posted a loss of €571m (R8.9bn at current exchange rates) for the half-year ended March 31.
The Stellenbosch-headquartered conglomerate on Friday published its unaudited half-year earnings report on Friday.
The loss for the period is slightly down from the comparable period in 2018, when it suffered a loss of €609m (R9.5bn). The €571m loss includes both continuing and discontinued operations. For its continuing operations, the half-year loss was €242m (R3.8bn).
Steinhoff reports its earnings in euros as it is domiciled in Amsterdam and has its primary listing on the Frankfurt Stock Exchange.
"Although corporate and treasury services costs were much reduced, the operational results for the period continued to reflect the knock-on impact of the announcement of accounting irregularities in December 2017," Steinhoff wrote in its operational review.
"Management at group and operational level continued to spend a significant amount of time and effort engaging with funders, suppliers and other business partners to ensure their continued support."
The group added its customer confidence had stabilised.
In a note Steinhoff said the publication of Friday's earnings report "addresses the company's disclosure backlog and brings its financial reporting back up to date".
Steinhoff only mentioned its former CEO Markus Jooste once in Friday's 97-page report, to note that it had launched proceedings against him and former CFO Ben la Grange in the Cape Town High Court.
It wants their base salaries, performance bonuses, strategic bases, project bonuses, and the value of the shares awarded in company share schemes paid back. According to Fin24's calculations, this corresponds to about R830m for Jooste and roughly R270m for La Grange.
Both executives have previously denied any wrongdoing and their legal teams say they intend to oppose the claims.
Get a daily dose of South East Asia Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South East Asia Post.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...