Takealot records R408m loss

JOHANNESBURG - Global consumer internet group, Naspers, has pointed to higher operating costs, rolling power cuts and rising interest rates as reasons for the major losses incurred by one of its biggest e-commerce groups, Takealot.

In its latest annual results ending in March, the internet giant recorded that Takealot lost R408 million, with consumer demand declining in the period.

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The e-commerce platform's bottom line also faced pressure from brick and mortar stores which are creating value for consumers by lowering the prices of some goods and services.

However, despite the tough trading conditions, Mr D, Takealot’s on-demand service, increased its total value of goods sold to customers by 11 percent and revenue by 17 percent.