Oando Plc delays accounts, gives profit warnings


Oando PLC has informed its stakeholders and the Nigerian Stock Exchange, that its full year audited account will be released in May.

The company’s accounts closed in December and by the rules of the exchange, the audited accounts ought to have been submitted to the NSE before 31 March.

But the company said today that the accounts will not be ready until around 10 May.

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The company also hinted that its forecast profits will be decreased by one-off write-offs which include impairments of assets, project expenses from capital raising exercises, acquisitions, and termination of technical and managerial charges.

It also said that despite the write-off, the underlying performance indicators for the period are in line with management’s 2011 projections and that the Group’s balance sheet and capital are in a robust position, providing a solid foundation for the Group’s future growth path..

”Barring any unforeseen circumstances, Management does not anticipate any further similar exceptional items in 2012″, it said, adding that it looks forward to an improved earnings position for the year 2012, with the addition of the earnings from the newly commissioned assets.