Investment holding group Brimstone fell into
an interim loss of R201m for the six months to end-June, from an
after-tax profit of R48m in the matching period.
The loss at insurance subsidiary Lion of Africa widened to R38m from R3.4m, and the collapse of
department store chain Stuttafords contributed to Brimstone’s luxury goods wholesaler, House of Monatic, falling into a loss of R17.5m from R300,000 profit.
The group said its fully diluted intrinsic net asset value per share declined 12.4% to R17.90 at June 30 from R20.43 at December 31.
At Wednesday’s closing price of R12.95 for Brimstone’s N shares, and R13 for its less liquid ordinary shares, shares are trading at an about 30% discount to their book value.
A highlight of the reporting period was unbundling Sea Harvest into a separately listed company, reducing Brimstone’s stake from 85% to 55%.
Sea Harvest also released its interim results on Wednesday morning, reporting revenue of R1bn and aftertax profit of R136m.
Brimstone raised R1.24bn from Sea Harvest’s listing, whose share price has risen from its initial public offering price of R12.50 on March 23 to R13.70 on June 30.
The results statement said Lion of Africa has been eliminating unprofitable business.
BDLIVE
The loss at insurance subsidiary Lion of Africa widened to R38m from R3.4m, and the collapse of
department store chain Stuttafords contributed to Brimstone’s luxury goods wholesaler, House of Monatic, falling into a loss of R17.5m from R300,000 profit.
The group said its fully diluted intrinsic net asset value per share declined 12.4% to R17.90 at June 30 from R20.43 at December 31.
At Wednesday’s closing price of R12.95 for Brimstone’s N shares, and R13 for its less liquid ordinary shares, shares are trading at an about 30% discount to their book value.
A highlight of the reporting period was unbundling Sea Harvest into a separately listed company, reducing Brimstone’s stake from 85% to 55%.
Sea Harvest also released its interim results on Wednesday morning, reporting revenue of R1bn and aftertax profit of R136m.
Brimstone raised R1.24bn from Sea Harvest’s listing, whose share price has risen from its initial public offering price of R12.50 on March 23 to R13.70 on June 30.
The results statement said Lion of Africa has been eliminating unprofitable business.
BDLIVE
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