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November 23, 2009
Time to cut losses and skill up
David Shapiro: The big talking point on the JSE last week was the level of bad debts that companies had written off their profits.
JDGroup, the durable goods retailer, generated an operating profit of R1.76-billion for the year to August 31 before providing for debtors' costs - a polite term for customers who bought goods but failed to pay. Impairments for the period under review amounted to a whopping R1.1-billion, shrinking profit to a disappointing R660-million.
Posted by StaffWriter at November 23, 2009 9:48 AM