Discovery warns profit could be wiped out due to coronavirus

South African insurer Discovery said on Friday its profit for the year ended June 30 could be completely erased due to provisions to take account of coronavirus and volatility in long-term interest rates.

Its headline earnings per share (HEPS), the main measure of profit for South African companies, will fall by 90% to 100%, to between 78.9 cents ($0.0468) and zero, it said in a statement.

It had reported a HEPS of 789 cents in the last fiscal year.