* Headline EPS at 166.5 cents vs 112.8 cents
* Revenue at R37.6 bln vs R24 bln rand
* Results boosted by acquisitions
(Adds details)
JOHANNESBURG, March 6 (Reuters) – South Africa’s
biggest furniture maker Steinhoff International
reported 48 percent jump in first-half profit, helped by
acquisitions and favourable currency swings.
Steinhoff, whose extensive operations in Europe makes it one
of the biggest furniture retailers on that continent, said
headline earnings per share totalled 166.5 cents in the six
months to end-December compared with 112.8 cents a year earlier.
The company’s results were boosted by the inclusion of
earnings from French retailer Conforama, which it bought last
year for $1.6 billion.
Sales more than doubled to 37.6 billion rand ($5 billion).
Steinhoff is on a restructuring drive aimed at creating
three listed separate business focused on selling furniture in
Europe, emerging markets and manufacturing.
The company wants to list its European business, which
includes Conforama as well as the Sleepmasters brands and
Britain’s Harveys.
It also wants to buy control of South African retailer JD
Group through a share-swap deal that would reduce its
holding in domestic manufacturing firm Kap International
from about 88 percent to 62 percent.
Shares of the company were down 1.6 percent at 26.45 rand,
slightly underperforming a 1.3 percent decline in the benchmark
Top-40 index.
($1 = 7.5654 South African rand)
(Reporting by Tiisetso Motsoeneng; editing by David Dolan)
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