In terms of the Listings Requirements of the Malawi Stock Exchange, a listed company is required to publish a trading statement as soon as there is a reasonable degree of certainty that the financial statements for the period to be reported upon next will differ by at least 20% from that of the previous corresponding period.
Telekom Networks Malawi Limited accordingly advises that profit after tax for the six months to June 2012 is expected to be approximateiy 30% lower than the previous corresponding period. This is largely due to foreign exchange losses incurred following the recent sharp devaluation of the Malawi Kwacha during the second quarter of the year, and the resultant increase in finance charges.
The information on which this Trading Statement is based has not yet been reviewed or reported on by Telekom Networks Malawi Limited’s auditors.
Telekom Networks Malawi Limited’s financial Results for the period will be published in the press by end August 2012 following their review and approval by the Board of Directors.
Date 6th August 2012.