Blog Archive

Monday, February 02, 2009

KQ announces profit warning

I screwed up - in my defense, I tried my darnedest to find the ACTUAL announcement but was stymied by lack of information from KQ or the NSE.

Anyway, DN posted this article that claimed KQ's profits made a HUGE jump. I was unable to confirm the real story until much later... and it turned out that the story was not as rosy! In fact, it was not rosy at all!

KQ's 3Q 2008-9 ASKs were up 7% but DN claimed it was their PBT that was up 7% over 3Q 2007-8.

I have voiced my intense displeasure at the poor business reporting by Kenya's media houses BUT unless companies provide this information directly to us through posting it on their websites, how will we ever know or compare or verify?

To my readers, sorry for the faux pas. To KQ (among other listed firms), please post this information on your websites simulatneouly with the release to the media or NSE.


MainaT said...

CT :-) What can you say. What about you in the interest of furthering business reporting in Kenya sending a proposal to NMG along the lines of "in order to improve business reporting, I'll for a small fee, edit all your reports..."?
Can you open the KQ pdf? It keeps clashing...

Village Analyst said...

Seems to me, new players are the ones who'l step up the game - just like Citizen TV did with local shows. CBC the guys behind CNBC Africa should bring us real business news. Some grl in a skirt reading the numbers scrolling across the screen is NOT business news!!

coldtusker said...

MainaT: I would for a fee!

VA: I agree but I don't mind the eye-candy on CNBC... There are some good shows as well...

Village Analyst said...

CT - I was referring to the local business news not the guys @ CNBC. CNBC provides good commentary on the markets they cover. just compare squack box africa with your biz news tonight or even with the market review in the local biz shows. no wonder we invest like we do!

coldtusker said...

Local business shows are lousy.

I wonder if BDA makes money & whether the media feels biz news is a loss leader rather than critical information.

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