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Steinhoff says it will struggle to turn a profit in coming years

PUBLISHED: Tue, 13 Aug 2019 11:57:08 GMT

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CAPE TOWN (Reuters) – Steinhoff will struggle to turn a profit in coming years despite strong turnover as it restructures following an accounting scandal, the South African retailer said in a presentation to investors on Tuesday.

Steinhoff in July reported a 356 million euro ($401 million) half-year loss from continuing operations.

Since flagging holes in its accounts in December 2017, estimates of losses stemming from alleged accounting fraud are now as high $7 billion.

Reporting by Wendell Roelf; writing by Mfuneko Toyana; editing by Jason Neely