Steinhoff Investment turns a profit of R3.4bn

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Steinhoff head office in Stellenbosch.
Steinhoff head office in Stellenbosch.

Steinhoff Investments has reported an interim profit of R3.4 billion, from continuing operations.

The company on Friday issued its reviewed interim results for the six months ended 31 March 2021. Steinhoff Investments is a subsidiary of Steinhoff International Holdings.

By comparison, the group recorded a R13.1 billion loss for the same period last year.

According to the financial results, audited by Mazars, revenue from continuing operations increased 8% to R36.5 billion. Its operating profit improved from a loss of R10.6 billion to a profit of R5.2 billion. 

Headline earnings per share improved from a loss of 23 716. 32 cents to earnings of 5 054.54 cents. 

According to the report, its litigation settlement proposal provision increased from R9.4 billion to R10.6 billion, due to an additional expense of R1.2 billion.

No interim dividend was declared on ordinary shares. In January the board had declared a gross dividend of 292.43 cents per preference share, which was paid on 26 April 2021. 

Steinhoff Investments noted the JSE's R13.5 million fine to the Steinhoff International in October 2020 for publishing "incorrect, false and misleading information" in financial statements prior to December 2017. The fine was paid in February 2021, the report indicated.

*Correction: This article has been updated to reflect that Steinhoff Investments reported a profit of R3.4 billion and not R4.7 billion as previously reported. 

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