Global retailer Steinhoff’s interim loss widens threefold

PUBLISHED: Fri, 29 Jun 2018 17:46:25 GMT
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JOHANNESBURG, June 29 (Reuters) – Troubled South African retailer Steinhoff reported a hefty 152 million euros ($177 million) half-year operating loss verse 44 million euros in 2017 on Friday, hit by writedowns related to an accounting scandal.

The loss is the latest setback for the multinational retailer which has been fighting to stay afloat since last December when it revealed holes in its accounts that wiped $15 billion off its market value. ($1 = 0.8579 euros)

In its interim statement Steinhoff says it hopes to release full year audited results for 2017  in December 2018 and full year 2018 results in January 2019.

The retailer in its results said it has reported former CEO Markus Jooste to the South African government’s Directorate for Priority Crime Investigation Unit, the Hawks, under section 34(1)(b) of the Prevention and Combatting of Corrupt Practices Act 2004.

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