State-owned Portland Cement to delay financial results
Entrance to the East Africa Portland Cement factory in Athi River. PHOTO | FILE
Cement-maker East African Portland Cement Company (EAPCC) has delayed releasing annual earnings to November 14, joining another troubled State-owned firm Uchumi Supermarkets.
The loss-making firm, like Uchumi supposed to release financials last Monday, said in a public notice the delay is to allow “review and approval by the Auditor General.”
“The board of directors of EAPPC meeting on 31st October 2016 resolved to extend the publication of the financial results of the company for the year ended June 30th 2016 to allow for the review and approval of the accounts by the auditor general,” it said in a notice.
“EAPPC has sought and obtained the approval of the CMA (Capital Markets Authority) and shall publish the said results on or by 14th November 2016.”
“The Annual General Meeting will be scheduled thereafter subject to the requisite notice.”
EAPCC reported a net loss of Sh531 million for the half-year ended December 2015 compared to an after-tax loss of Sh65.3 million a year earlier.
The Treasury owns 25 per cent of Portland and NSSF 27 per cent with Lafarge owning 41.7 per cent.
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Note: The results are not exact but very close to the actual.
