Steinhoff FY core profit hit by Covid-19 impact

South African retail group Steinhoff said on Friday core annual profit fell 21%, reflecting the impact of lost sales during the Covid-19 lockdown.

Steinhoff, which has been battling the fallout from a 2017 accounting scandal, said EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell to 578 million euros ($700.13 million) for the year ended September 30, from 733 million euros in 2019.

Annual EBITDA excluded certain accounting adjustments, the company said.