Telekom Networks Malawi (TNM) has issued a trading update indicating profits could be down by as much as 95 percent.
“Further to the previous Trading Update published in the media on 17 December, 2012 Telekom Networks Malawi Limited accordingly advises that the Profit after Tax for the year ending December, 2012 is expected to be approximately 95 percent to 55 percent lower than the previous corresponding period instead of approximately 20 percent to 30 percent as earlier reported,” said TNM in a statement.
TNM said further the Annual Financial Statements for this period will be made public through the press by the end of March once it has been reviewed and approved by the TNM board of directors.
TNM said the reason for 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, coupled with the continued depreciation of the currency during the third and fourth quarters of the year and the resultant increase in finance charges”.
