TWO MORE COMPANIES WARN ON PROFIT DROP

Two more quoted companies in Nigeria have warned the investing public of likely drop in profit for the financial year 2015 when compared to 2014 performance.

SKYE BANK PLC

In a notice dated March 23 and signed by executive director/company secretary, Mrs Abimbola Izu, Skye Bank PLC has warned of likely drop in it's 2015 performance.
Skye Bank said in the notice that management " wishes to intimate shareholders and investors....of anticipated decline in its profit for 2015"
This, it added, was " attributable to management decision to recognise increased impairment on loans to sectors severely affected by the prevailing economic headwinds which are yet to abate especially the lull in oil and gas and real estate sectors"
Skye Bank then assured that it has "designed and commenced appropriate remedial process to salvage the affected assets as soon as possible"
In the maintain time, it remains committed to growth prospects in the retail and SME sectors and has taken measures to ensure better loan portfolio quality, and increased internal efficiency and process.

LEARN AFRICA PLC

The notice of Learn Africa PLC on likely lower performance in 2015 compared to 2014 was signed by DCSL Corporate Services Ltd as company secretary.
The notice said that " it is expected that the earnings (for 2015) will be materially lower than prior year as a result of:
Reassessment of the provision for impairment of debts reflecting prior to divestment exercise from Pearson Education."
It explained that the reassessment had become necessary " due to challenging business environment"
Hence, the notice specifically stated that preliminary figures indicate " a loss and reduction in the performance of the company for the year 2015"
Learn Africa PLC assured that the Board of directors has "put in place measures to generate more revenue, improve operating cost efficiency, rationalise product lines and focus on more profitable opportunities".

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