Deneb Investments’ losses double amid Covid-19 pressure

Deneb Investments, whose majority shareholder is Hosken Consolidated Investments said on Friday its headline loss per share about doubled for its year to end-March, with the group reporting a hit from Covid-19.

The group, which has property and manufacturing interests and a market capitalisation of R674m, reported that SA’s shutdown towards the end of March reduced revenue by an estimated R60m and reduced operating profit by some R20m. Deneb also wrote down its properties by R41m, and moved during the year to exit loss-making businesses, including Wineland textiles.

The group’s headline loss for the year was 8.92c, from 4.47c previously, with it also opting not to pay a dividend, having paid 3c per share previously. In afternoon trade on Friday, Deneb’s little-traded share was unchanged at R1.55, having risen 8.39% so far in 2020.

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