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Steinhoff reports hefty 3.7b euro operating loss in 2017

[JOHANNESBURG] Steinhoff reported a hefty 3.7 billion euro (S$5.6 billion) operating loss in the 2017 fiscal year, it said on Tuesday as the South African retailer issued a much-delayed earnings report that revealed the impact of a 7.4 billion euro accounting fraud.

Steinhoff, which is also listed in Frankfurt delayed the results after finding holes in accounts, shocking investors who had backed its reinvention from small South African furniture outfit into a discount furniture retailer straddling four continents.

REUTERS

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