FCMB Group PLC issues a technical "profit warning"

Proshare

Monday, January 18, 2016 4.40 PM / Cordros

 

In its press release, the Group announced that it would release its "long-awaited" Q3'15 earnings before the end of January 2016. 

 

The Group's management also stated that "Q3'15 earnings as at September 2015, will be materially below earnings for the same period in 2014, due to two factors, viz:

(1) a spike in impairments, particularly in the energy sector, and

(2) the significant reduction in trade finance-related revenues due to foreign exchange illiquidity."

 

Management further stated that Q4'15 earnings were also impacted.

  

In 2015, the stock shed 32.13% and has lost 36.09% YTD closing  at N1.08 today. 

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