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Illiad expects loss for six months to June
The buildings material provider said its results would reflect a loss of between 38c and 42c a share‚ compared with earnings of 20.1c last year. The loss is attributed mainly to the once-off costs of R14.7m incurred in the rationalisation of under-performing stores.
"The trading update is poor but the company is in transition‚ with restructuring and an attempted recovery underway‚" Vunani Securities analyst Anthony Clark said.
The Competition Commission on Monday (29 July) approved the sales of Iliad's wholesale timber business to York Timber for R45.5m as a going concern.
Source: I-Net Bridge
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