Logistics and fleet management group Barloworld said on Friday Covid-19 had resulted in writedowns across its businesses.

The performance of the group in its six months to end-March was hit by a number of writedowns recognised in the period, namely within Rent a Car southern Africa, and Equipment Botswana, Zambia, Angola, Mozambique and Malawi (BZAMM), the group said in a trading update. 

The environment was “challenging,” the group said, “characterised by continuing low business confidence, dropping commodity prices, and depressed consumer demand.”

Covid-19 and the prevailing global economic slowdown resulted in higher credit losses and impairments included in non- operating and capital items, Barloworld said, while operating results were also negatively impacted in the month of March in some businesses.

The group said in a trading update that basic headline earnings per share (Heps) will fall by between 40% and 50% in its six months to end-March.