The second largest distributor of consumer goods in Africa, Massmart has scrapped its dividend after widening its headline losses for the first time in 5 years by 490 per cent to R796.6 million. Like its counterpart Shoprite, Massmart is also battling with currency weakness in Africa with a R81.9 million loss in foreign exchange. The group’s trading profit has also decreased by 52 per cent. CNBC Africa is joined by Guy Hayward, outgoing CEO of Massmart.
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