Steinhoff shares plummet after revised 2017 year-end results

The market didn't react well to Steinhoff's revised 2017 year-end results released on Tuesday.

On Tuesday, Steinhoff International released its restated results for the year ended September 2017, in which the company cut the value of its assets by €15.3 billion and reported a loss of €3.99 billion. 

Because the JSE closed on Wednesday for the national and provincial elections, the market only reacted to Steinhoff’s results on Thursday. 

Steinhoff’s share price plunged more than 20 percent on the JSE, falling to R1.60 per share after it had closed at R2.01 on Tuesday, the lowest level in more than five months. 

The revised 2017 results come after Steinhoff admitted to accounting irregularities in December 2017. 

In a press release, the company said that the 2018 annual results process is progressing well and that the results are scheduled to be released on 18 June.