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Brait posts loss as value of UK deals hurt by Brexit vote

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SA billionaire Christo Wiese. (Photo: Bloomberg Video)
SA billionaire Christo Wiese. (Photo: Bloomberg Video)

Johannesburg - Brait [JSE:BAT] reported a first-half loss as the South African owner of health-club chain Virgin Active and clothing retailer New Look said the pound’s weakness against the rand cut into the net asset value of the UK units it bought last year.

The investment company, whose biggest shareholder is South African billionaire Christo Wiese, posted a R4.5bn loss for the six months through September compared with a profit of R18.1bn a year earlier, the San Gwann, Malta-based company said in a statement on Wednesday. Net asset value fell to R105.06 a share from R123.50 a year earlier.

“The UK apparel market continues to be challenging,” Brait said. “The recent macro events have highlighted the importance of increasing the diversity of operations.”

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