JSE cen­sure over flawed re­sults

The Star Early Edition - - COMPANIES -

THE JSE has pub­licly cen­sured African Dawn Cap­i­tal af­ter it was found to be in breach of the JSE list­ings re­quire­ments. The JSE said the com­pany failed to cor­rectly in­ter­pret and ap­ply the re­quire­ments of In­ter­na­tional Fi­nan­cial Re­port­ing Stan­dards (IFRS) in the prepa­ra­tion of its fi­nan­cial re­sults for the year to Fe­bru­ary 2014. The JSE claimed that this later led to the com­pany re­stat­ing its year-end re­sults. “The re­state­ments had a ma­te­rial ef­fect on the fi­nan­cial re­sults. The loss per share in­creased by 22 per­cent from 3.37 cents a share to 4.11c, while head­line loss per share in­creased by 57.5 per­cent from 2.61c to 4.11c,” the JSE said yes­ter­day. African Dawn was not avail­able to com­ment on the JSE’s de­ci­sion. The re­sults in ques­tion are for the 12 months to Fe­bru­ary 2014 and they were re­stated in African Dawn’s full-year 2015 re­sults and re­leased in Novem­ber 2015. The JSE also con­sid­ered the na­ture of the mis­state­ments and ar­rived at the con­clu­sion that, in some in­stances, the er­rors re­flected a fail­ure by the com­pany to cor­rectly ap­ply non-com­plex or ba­sic re­quire­ments of IFRS. – Sandile Mchunu

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.