Express Kenya’s recently released half-year financial results show a discrepancy in the pre-tax profit posted for the six month period to June this year, among other questionable figures.
According to the financial results made available by the Nairobi Securities Exchange yesterday afternoon, the company has made a half-year pre-tax profit of 89.36 million shillings. Calculations made by Pesatalk however show the profit should in actuality be 117.41 million shillings based on the revenue and cost figures posted.
Similarly, the statement shows that the company made a 54.98 million shilling loss for the six months to June last whereas our calculations show that this should actually have been a profit of 12.06 million shillings.
See a screen clipping of the financial results released this afternoon. The figures in question are highlighted:
All listed companies are to “represent accurately the (their) results and financial position” in their financial statements according to the Capital Markets Securities, Public Offers, Listing and Disclosures Regulations (2002).
Last month Express Kenya issued a profit warning for its 2011 financial results where it made a 222.35 million shilling loss before tax.
The company offers clearing & forwarding, freight and logistics services. In April this year the company was embroiled in a conflict with employees after they were sent on compulsory leave following the leasing of Express Ltd’s assets to rival SDV Transami.