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Turnstar to report lower results

Turnstar to report lower results
April 18
12:47 2018

Turnstar Holdings Limited has indicated that it will post lower financial results for the year ended 31st January, 2018, compared to the financial results for the year ended 31st January, 2018. The financial results are expected to be published on or before the 30th April, 2018.

 

This, according to the company’s trading statement published recently, is due to delayed income from the newly constructed areas such as the new wing of the Game City as well as the construction of the Mlimani Commercial Office and Conference Center in Tanzania.

 

“There was a delay in the construction of the new section of the Game City. In addition, government did not issue Trading Licenses to the prospective tenants who had signed pre-leases. This issue delayed the leasing of the new wing of Game City. However, the majority of the premises have now been rented and rental revenue has been received during the last few months of the financial year under review,” the trading statement indicates.

 

In Tanzania as well, the company also experienced the same hiccup; the delay in construction of Mlimani resulted in the delay in the leasing of the new developments. “The current downturn in the economy has affected the Mlimani Commercial Office and Conference Center revenues. Leasing enquiries are now being received and the Commercial offices have started tenanting,” the statement says.

 

The Groups says it has also posted significant Fair Value Gains over the past few years. It says due to the downturn in the Tanzanian rentals, Mlimani will report a Fair Value loss during the upcoming reporting, further saying; “It should be noted that Fair Values are calculated on current rentals, projected into the future on a discounted cash flow basis, and do not reflect the actual cost of the buildings.”

 

Meanwhile, the US Dollar depreciated against the Pula, significantly, during the year ended 31st January, 2018. This has adversely affected the Group’s results for the period under review. “Stakeholders are however, reminded that, the foreign exchange transition gains and losses are unrealized and dependent on the US$/BWP exchange rate as at year end. Further, the Group has ensured that, the US Dollar dominated liabilities are serviced by the US Dollar income, and hence the Group is not exposed to actual exchange fluctuations.

 

The shareholders and investors are therefore advised to exercise caution when trading in the Company’s securities until such time as a detailed announcement of the results is made.

 

 

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