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)
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