Steinhoff shares fall by 8% after earnings report shows R19.3bn loss for 2018 | Fin24
 
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Steinhoff shares fall by 8% after earnings report shows R19.3bn loss for 2018

Jun 19 2019 09:28
Fin24

Shares in Steinhoff [JSE:SNH] fell by 8% in early trade on Wednesday, after the retailer announced a loss of loss of €1.19bn (R19.35bn at current exchange rates) for the year ended September 2018. 

The retailer published its delayed 2018 audited earnings report on Tuesday evening after the close of SA markets.

The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books. The Stellenbosch-headquartered retailer instituted the investigation after its CEO Markus Jooste resigned in December 2017 amid an accounting scandal. 

Steinhoff shares were changing hands at R1.37 shortly after markets opened on Wednesday, down from R1.50. 

The group's shares have fallen by over 90% since Jooste stepped down, cutting the multinational's market capitalisation by over R200bn. 

* Rand/euro conversions were calculated at an exchange rate of R16.26 to the euro. 

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