Steinhoff announces R20bn loss

Steinhoff International's latest financial results show a loss of almost 20-billion rand for 2018. Courtesy #DStv403

JOHANNESBURG - Steinhoff shares fell by 8-percent after the retailer announced a loss of nearly R20-billion.

This down from R65-billion, the previous year.

The company published its delayed 2018 audited earnings report late on Tuesday, after the close of the South African markets.

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The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books.

The Stellenbosch-based retailer instituted the investigation after its CEO Markus Jooste resigned in December 2017, amid an accounting scandal.

The group's shares have fallen by over 90-percent since Jooste stepped down.

Source
eNCA