Discovery warns of up to 90% decline in profits

Discovery said on Monday its full-year profits could fall by up to 90%, accounting for an estimated R3.3 billion ($191.03 million) provision for the potential impact of the coronavirus outbreak and the impact of interest rates.

The insurer said its headline earnings per share – the main profit measure in South Africa – for the year to June 30 were currently expected to be between 70% and 90% lower, though it warned the final outcome is subject to a high degree of volatility.