DURBAN – Steinhoff International's share price fell by 10.11 percent on the JSE on Thursday to close at R 1.60 after the group announced the postponement for the publication of its 2017 and 2018 year results to mid-April 2019 with an analyst warning of “dark days” ahead.
The troubled retailer had indicated at the beginning of the year that it would release the results at the end of December, after PwC had finished with its forensic investigation.
The group said on Thursday that the investigative process had been significantly more complex than anticipated, with multiple work streams operating across a number of jurisdictions.
“The investigation is substantially complete, but more time is required to finalise a number of follow-up work streams. The investigation is now expected to be complete by the end of February 2019, with the final report being available to the company shortly thereafter,” the group said.
Steinhoff has already lost more than R200 billion after the admission of accounting irregularities in December last year, with the share price declining by more than 90 percent.