Steinhoff posts R2.4 billion operating loss for first half of financial year

accreditation

Stellenbosch-headquartered global furniture and retail giant Steinhoff posted a R2.4bn (€152m) operating loss for the first half of the current financial year, up from a loss of €44 over the corresponding previous period. 

Total revenue for the group was 6% lower at €9.3bn for the six months ended 31 March 2018, down from €9.9bn in the six months ended March 2017.

The reports use euros as Steinhoff is domiciled in the Netherlands, and has its primary listing on the Frankfurt stock exchange.

The retailer, whose shares have plunged by more than 95% since accounting irregularities came to light in December 2017, noted that the half-year results were unaudited. 

“Investigations into the alleged irregularities are ongoing so these results may well change as new facts come to light. These accounts have not been audited or reviewed by our external auditors, Deloitte,” it stated. 

Steinhoff has said it would not be able to release audited financial results until a forensic investigation by PwC has been completed. 

According to its half-year report, its management board is aiming to release the full-year audited results for 2017 by the end of December 2018, and those for 2018 by end of January 2019.

Earlier in the day, Steinhoff announced that it two of its subsidiaries had received three-week debt repayment extensions from creditor groups

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.72
+0.6%
Rand - Pound
20.21
-0.2%
Rand - Euro
17.29
+0.2%
Rand - Aus dollar
10.76
-0.3%
Rand - Yen
0.13
+1.0%
Gold
1,751.95
-0.9%
Silver
22.69
+0.0%
Palladium
1,997.56
-1.6%
Platinum
1,001.45
-0.0%
Brent-ruolie
76.19
+2.5%
Top 40
57,643
+1.2%
All Share
64,049
+1.1%
Resource 10
57,254
+0.5%
Industrial 25
82,879
+1.7%
Financial 15
14,317
+1.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
What potential restrictions on unvaccinated South Africans may make the biggest difference to public health, the economy?
Please select an option Oops! Something went wrong, please try again later.
Results
Limited access to restaurants and bars
11% - 127 votes
Limited access to shopping centres
14% - 165 votes
Limited access to live events, including sport matches and festivals
26% - 301 votes
Workplace vaccine mandates
48% - 553 votes
Vote