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South Africa’s Steinhoff FY core profit hit by COVID-19 impact

JOHANNESBURG, Feb 26 (Reuters) – South African retail group Steinhoff said on Friday core annual profit fell 21%, reflecting the impact of lost sales during the COVID-19 lockdown.

Steinhoff, which has been battling the fallout from a 2017 accounting scandal, said EBITDA (earnings before interest, taxes, depreciation, and amortization) fell to 578 million euros ($700.13 million) for the year ended Sept.30, from 733 million euros in 2019.

Annual EBITDA excluded certain accounting adjustments, the company said.

($1 = 0.8256 euros) (Reporting by Nqobile Dludla Editing by Tanisha Heiberg)


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