{"id":8632,"date":"2012-03-07T02:57:01","date_gmt":"2012-03-07T00:57:01","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-steinhoff-h1-profit-surges-on-conforama-unit\/"},"modified":"2012-03-07T02:57:01","modified_gmt":"2012-03-07T00:57:01","slug":"update-1-steinhoff-h1-profit-surges-on-conforama-unit","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-steinhoff-h1-profit-surges-on-conforama-unit\/","title":{"rendered":"UPDATE 1-Steinhoff H1 profit surges on Conforama unit"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Headline EPS at 166.5 cents vs 112.8 cents<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Revenue at R37.6 bln vs R24 bln rand<\/p>\n<p><span><\/span><\/p>\n<p>* Results boosted by acquisitions<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, March 6 (Reuters) &#8211; South Africa&#8217;s<br \/>\nbiggest furniture maker Steinhoff International<br \/>\nreported 48 percent jump in first-half profit, helped by<br \/>\nacquisitions and favourable currency swings.<\/p>\n<p><span><\/span><\/p>\n<p>Steinhoff, whose extensive operations in Europe makes it one<br \/>\nof the biggest furniture retailers on that continent, said<br \/>\nheadline earnings per share totalled 166.5 cents in the six<br \/>\nmonths to end-December compared with 112.8 cents a year earlier.<\/p>\n<p><span><\/span><\/p>\n<p>The company&#8217;s results were boosted by the inclusion of<br \/>\nearnings from French retailer Conforama, which it bought last<br \/>\nyear for $1.6 billion.<\/p>\n<p><span><\/span><\/p>\n<p>Sales more than doubled to 37.6 billion rand ($5 billion).<\/p>\n<p><span><\/span><\/p>\n<p>Steinhoff is on a restructuring drive aimed at creating<br \/>\nthree listed separate business focused on selling furniture in<br \/>\nEurope, emerging markets and manufacturing.<\/p>\n<p><span><\/span><\/p>\n<p>The company wants to list its European business, which<br \/>\nincludes Conforama as well as the Sleepmasters brands and<br \/>\nBritain&#8217;s Harveys.<\/p>\n<p><span><\/span><\/p>\n<p>It also wants to buy control of South African retailer JD<br \/>\nGroup through a share-swap deal that would reduce its<br \/>\nholding in domestic manufacturing firm Kap International<br \/>\n from about 88 percent to 62 percent.<\/p>\n<p><span><\/span><\/p>\n<p>Shares of the company were down 1.6 percent at 26.45 rand,<br \/>\nslightly underperforming a 1.3 percent decline in the benchmark<br \/>\nTop-40 index.<br \/>\n($1 = 7.5654 South African rand)\t<\/p>\n<p> (Reporting by Tiisetso Motsoeneng; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* 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) &#8211; South Africa&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8632","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8632"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}