Thursday, June 14, 2012

KQ Results for FY 2011-12 - Lousy!

KQ's PAT for 2011-12 down 53% vs FY 2010-11

I wonder if the CEO, CFO or Directors will take a similar pay cut?
Yes, when pigs fly during a blue moon seen on a sunny day.

9 comments:

kauka said...

This was expected really. Would one argue that investors were duped into participating in the rights issue.

Shouldn't KQ have been required by CMA laws to produce audited interim financial statements that were not more than 6 months old as all prospective issuers are required to do. Why allow KQ to show more than 6months old statements(interims to sep 2011) yet the financial year end was almost over meaning they should have produced 31 mar 2012 or at least Dec 2011 numbers. What they have done is dodgy and stinks to the seas. Worse still, it is under the guidance of CMA. Who does CMA bat for, wananchi or issuers???

coldtusker said...

@kauka - The current shareholders were the ones duped. I also questioned why KQ was allowed to issue an IM without 'projected' results & only had audited results 12 months old.

The CMA seems to be on the side of everyone but the Shareholders.

Anonymous said...

KQ's dividend of KES 0.25 for the financial year 2011-12 will be paid to the "substantially increased shareholders". So the subscribers to the shares issued in June 2012 will vote to give themselves dividend on profits earned up to March 2012. And CMA sees nothing wrong with this?

Kauka said...

I raised this issue on another thread, why would shares issued after the financial year end rank parri passu with existing ordinary shares? Whether a sweetener for the rights or not, it was daft and an insult to existing shareholders, it's a kin to telling them the money they invested earlier is inferior to what they need to invest in. Makes nonsense time value of money and the entire concept of return.

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