The group expects to report a loss per share for its year to end-March
Empowerment conglomerate Hosken Consolidated Investments which is headed by Johnny Copelyn, warned on Thursday that it has taken an earnings hit from writedowns across its hospitality and mining interests.
The group expects to report a loss per share of between 4,571.1c and 4,612.4c in its year to end-March, from earnings of 862.2c previously. Headline earnings, which strip out exceptional items, are expected to rise by between 2.8% and 7.8%, the group said. The group said it wrote down properties in both its hotel and gaming businesses, while it also wrote down certain assets in its oil and gas exploration interests.
HCI had 49% holdings in Tsogo Sun Gaming and Tsogo Sun Hotels as of its 2019 financial year. Both reported about pressure related to Covid-19.In afternoon trade on Thursday, HCI’s share price was down 2.86% to R135.86, having more than halved so far in 2020.
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