Business 29.5.2018 12:05 pm

Steinhoff African Retail interim earnings up 12% despite challenging year

Steinhoff African Retail interim earnings up 12% despite challenging year

The company saw a 10.2 percent increase in revenue to R33 billion and a nine percent increase in operating profit to R3.3 billion.

Steinhoff Africa Retail Limited (STAR) on Tuesday reported a 12.2 percent increase to 52.6 cents in headline earnings per share for the six months ended 31 March 2018, from 46.9 cents in the comparative period, despite the fallout engulfing its parent company Steinhoff International Holdings N.V over accounting irregularities.

The retailer, which owns brands such as Ackermans, Rochester, PEP, Russells and TimberCity among others, saw a 10.2 percent increase in revenue to R33 billion and a nine percent increase in operating profit to R3.3 billion.

STAR said the first half of the financial year had proven to be very challenging from a corporate perspective because it was difficult for the market to comprehend the impact of the events at Steinhoff International on STAR.

The share price of Steinhoff International has crashed more than 90 percent since the accounting irregularities were exposed in December, leading to the resignation of its long-standing chief executive Markus Jooste.

For more news your way, follow The Citizen on Facebook and Twitter.

 

 

 

 

 

today in print