The investment holding company’s revenue for the six months to end-February 2020 has plummeted
Investment holding company Labat Africa has withdrawn its five-year profit forecasts, including the projections it had for its current financial year to end-August 2020, due to the coronavirus pandemic.
It recently won a licence in Lesotho that allows it to trade in cannabis. Other recent deals that promise to expand Labat’s presence in the industry include the acquisition of CannAfrica, a cannabis education company, and the acquisition of Biodata, a medical research firm. Total income increased 180% to R2.8m from a previous loss of R3.5m while earnings surged 182% to 0.70c per share. Headline loss per share was up 73.7% for the period.
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