August 13, 2019 / 8:24 AM / a month ago

Steinhoff says will struggle for profitability -presentation

CAPE TOWN, Aug 13 (Reuters) - Steinhoff will struggle to turn a profit in coming years despite strong turnover as it restructures following an accounting scandal, the South African retailer said in a presentation to investors on Tuesday.

Steinhoff in July reported a 356 million euro ($401 million) half-year loss from continuing operations.

Since flagging holes in its accounts in December 2017, estimates of losses stemming from alleged accounting fraud are now as high $7 billion.

Reporting by Wendell Roelf; writing by Mfuneko Toyana; editing by Jason Neely

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