Steinhoff posts R2.4 billion operating loss for first half of financial year

Stellenbosch-headquartered global furniture and retail giant Steinhoff posted a R2.4bn (€152m) operating loss for the first half of the current financial year, up from a loss of €44 over the corresponding previous period. 

Total revenue for the group was 6% lower at €9.3bn for the six months ended 31 March 2018, down from €9.9bn in the six months ended March 2017.

The reports use euros as Steinhoff is domiciled in the Netherlands, and has its primary listing on the Frankfurt stock exchange.

The retailer, whose shares have plunged by more than 95% since accounting irregularities came to light in December 2017, noted that the half-year results were unaudited. 

“Investigations into the alleged irregularities are ongoing so these results may well change as new facts come to light. These accounts have not been audited or reviewed by our external auditors, Deloitte,” it stated. 

Steinhoff has said it would not be able to release audited financial results until a forensic investigation by PwC has been completed. 

According to its half-year report, its management board is aiming to release the full-year audited results for 2017 by the end of December 2018, and those for 2018 by end of January 2019.

Earlier in the day, Steinhoff announced that it two of its subsidiaries had received three-week debt repayment extensions from creditor groups. 

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