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May 29, 2020, 4:12 a.m. EDT

Steinhoff warns over continued pandemic hit

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By Matteo Castia

Steinhoff International Holdings NV said Friday that the pandemic is causing significant disruption to the business, and warned over further headwinds associated with it in the future.

"The pandemic and resulting restrictions will have a negative impact on overall turnover and the underlying business performance going forward," the South African retail group said.

The company also reported a swing to pretax profit for fiscal 2019.

It made a pretax profit of 6.21 billion South African rand ($356.4 million) for the year ended Sept. 30, compared with a loss of ZAR1.05 billion in fiscal 2018.

Revenue rose to ZAR69.68 billion up from ZAR64.20 billion a year earlier.

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