June 9, 2020 / 2:14 PM / 2 months ago

BRIEF-Libstar Holdings Says Cost Of Doing Business Up Dramatically Since COVID-19

June 9 (Reuters) - Libstar Holdings Ltd:

* JSE: LBR - BUSINESS UPDATE ON THE IMPACT OF COVID-19

* LIBSTAR HOLDINGS LTD - GROUP INCURRING EXTRAORDINARY EXPENDITURE OF NEARLY R35 MILLION TO DATE.

* LIBSTAR - SINCE COVID-19, COST OF DOING BUSINESS HAS INCREASED DRAMATICALLY, WITH GROUP INCURRING EXTRAORDINARY EXPENDITURE OF NEARLY R35 MILLION TO DATE

* LIBSTAR HOLDINGS LTD - RETAIL SALES DEMAND HAS BEEN STRONGER SINCE GROUP’S MARKET UPDATE OF 2 APRIL 2020

* LIBSTAR HOLDINGS LTD - GROUP REVENUE FOR TWO-MONTH PERIOD ENDED 31 MAY 2020 WAS 9.8% LOWER

* LIBSTAR HOLDINGS LTD - LONGER-TERM IMPACT OF COVID-19 ON LIBSTAR AND MARKETS WITHIN WHICH IT OPERATES, REMAINS UNQUANTIFIABLE

* LIBSTAR HOLDINGS - BROADER IMPACT OF COVID-19 ON N. AMERICAN AND EUROPEAN CONTINENTS, ADVERSELY IMPACTED EXPORT CHANNEL DURING MONTHS OF APRIL, MAY

* LIBSTAR HOLDINGS LTD - GROUP REVENUE FOR FIVE-MONTH YEAR-TO-DATE PERIOD ENDED 31 MAY CLOSING 2.1% HIGHER THAN COMPARATIVE PERIOD

* LIBSTAR HOLDINGS LTD - REVENUE WITHIN FOOD SERVICE CHANNEL DECLINED 80.1% DURING TWO-MONTH PERIOD ENDED 31 MAY 2020

* LIBSTAR HOLDINGS LTD - EXPORT CHANNEL REVENUE IS EXPECTED TO FIRM AS SHIPMENT TIMING NORMALISES OVER COMING MONTHS

* LIBSTAR HOLDINGS LTD - AS GOVERNMENT RESTRICTIONS CONTINUE TO BE EASED GROUP EXPECTS AN IMPROVEMENT IN PERFORMANCE OF ITS NON-RETAIL SALES CHANNELS Source text for Eikon: Further company coverage:

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