The release of the financial statements was delayed ‘to allow for the completion of the review by the company’s auditors’
Just 20 minutes before it was scheduled to present its numbers to shareholders, cement maker PPC delayed the publication of its annual results from Wednesday to Friday, citing accounting considerations in Zimbabwe.for the year to end-March was delayed “to allow for the completion of the review by the company’s auditors”, PPC said on Wednesday.
“This delay is due to considerations relating to fair value adjustments of Zimbabwean financial assets” that probably range between zero and R50m. “Accordingly, the annual results announcement and the presentation scheduled for [Wednesday] at 12pm [at the JSE in Sandton] have been delayed until Friday 28 June 2019,” it said at 11.40am on Wednesday.
The company said last week that group earnings before interest, tax, depreciation and amortisation were expected to increase by between 0% and 7% from the R1.9bn reported in the prior year. Headline earnings per share would increase by between 33% and 53% and gross debt levels had been reduced.
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