Trustco barely escapes N$1-billion loss

Jo-Maré Duddy - Trustco Group Holdings today released its audited results for the 11 months ended 31 August 2021, reporting a loss before tax of nearly N$940.4 million.
Income tax expense of around N$47.7 million catapulted the group’s loss for the period under review to about N$988 million. The audited results for the 18 months ended 30 September 2020, to which Trustco compares its latest set of financials, showed a loss for the period of about N$343.2 million.
In a short-form announcement released on the Namibian Stock Exchange (NSX) and the JSE, the group featured the following “highlights”:
•An increase in headline losses by 201% to a N$766-million headline loss compared to the previous headline loss of N$254 million as per the aud.
• Revenue decreased by 49% to N$313 million compared to revenue of N$618 million previously.
• Headline loss per share (HLPS) increased by 156% to a HLPS 48.81c compared to a HLPS of 19.06c previously.
• Basic loss per share (LPS) increased by 178% to a loss per share of 55.55c compared to an LPS of 19.95c previously.