Momentum Metropolitan warns of profit slump due to Covid-19

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

South Africa Headlines News

Headline earnings per share is expected to fall as much as 65% in the group’s year to end-June

Insurance and financial services group Momentum Metropolitan Holdings warned on Monday that profits could fall almost two-thirds in its year to end-June as it battles with the fallout from Covid-19.

Momentum said in a trading update the estimated after-tax effect of Covid-19 on economic activity, claims, and policyholder behaviour is estimated at R1bn, with the group also writing down its properties due to pressure on valuations. Headline earnings per share is expected to fall 45%-65% from the prior period’s 168c. Heps is a widely used profit measure in SA that excludes certain one-off items to give a better indication of the underlying performance of a business.

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COVID-19 LIVE UPDATES | R6m PPE gift donated to SA by US militaryAll the Covid-19 news from around the world
Source: TimesLIVE - 🏆 28. / 59 Read more »

WATCH LIVE: Cyril Ramaphosa addresses the nation as the state of disaster is extendedThe Covid-19 state of disaster has been extended to September 15
Source: BDliveSA - 🏆 12. / 63 Read more »

COVID-19 LIVE UPDATES | Alarm over state instruction to test bodies for Covid-19All the Covid-19 news from SA and around the world
Source: TimesLIVE - 🏆 28. / 59 Read more »

COVID-19: SA death toll rises, recovery rate at 80%Eight out of every 10 people who've tested positive for COVID-19 have recovered.
Source: eNCA - 🏆 49. / 51 Read more »

Former India opener Chauhan dies aged 73 after Covid-19 complicationsFormer Indian Test opening batsman Chetan Chauhan, who played between 1969 and 1981, has died due to Covid-19 complications. | IOLsport
Source: IOL - 🏆 46. / 51 Read more »

Vital remittance flows plummet due to Covid-19 lockdownMoney sent home by migrant workers in South Africa fell about 80% in April after the hard lockdown was instituted.
Source: mailandguardian - 🏆 2. / 92 Read more »