Botswana retail group Choppies says its net profit for the full year ended 30 June 2017 is expected to be lower than the previous year on losses accrued from new regions.
The group which has more than 30 outlets in Zimbabwe also has operations in South Africa, Kenya, Tanzania and Zambia.
Choppies has been on a regional expansion drive which has seen its footprint spreading into Mozambique this year.
Last year the Botswana Stock Exchange listed group which is also listed on the Johannesburg Stock Exchange recorded an after tax of P 104.9 million ($10 million).
The figure was a 48 percent decline from P197.2 million ($18,9 million) recorded in 2015.
In an update ahead of the release of the group results, chief executive Ramachandran Ottapathu, said the Group’s headline earnings per share is expected to decline by 5 – 15 percent.
“Headline earnings per share will therefore be in the range of Thebe 6.16 to 6.89 compared to Thebe 7.25 last year. The performance was affected by losses of new regions,” he said.
Choppies was supposed to release its results last Friday but postponed pending an audit and finalisation.- The Source