TransCentury, its subsidiary to delay release of financial results
Published Wed, May 2nd 2018 at 00:00, Updated May 1st 2018 at 22:18 GMT +3
East African Cables and TransCentury will delay making public their financial performance for last year, the Nairobi Securities Exchange-listed firms have announced.
In a notice published in the dailies yesterday, the two companies said they had applied for and obtained an approval to delay the release of their financial results from the Capital Markets Authority until mid-next month.
According to TransCentury, which has already issued a profit warning to indicate that its losses will widen, its results will come out not later than June 15 as it finalises its audit.
“This is due to delay in completion of audit in a subsidiary operating unit that consolidates TCL’s audited financial statements,” said the company’s secretary, Virginia Ndunge, in the notice.
The firm’s fortunes have waned since 2013, when it posted a net profit of Sh626.4 million.
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The firm has since posted losses of Sh2.3 billion in 2014, Sh2.4 billion in 2015, and Sh863.9 million in 2016.
The firm reported a net loss of Sh582.6 million in the year to December 2016, down from another loss of Sh741.2 million in 2015.
The profit warning means that the firm expects a loss of at least Sh1.1 billion.
East African Cables, Ms Ndunge said, would also make its announcement late owing to an ongoing restructuring and realignment process that had impacted audit timelines.
“The process, which kicked off last year, is aimed at laying the foundation for business improvement, financial growth, and sustainability of the company,” she said.