HomeNewsAriston warns of impending loss

Ariston warns of impending loss


Agro-focused firm Ariston Holdings Limited says it expects to record a loss when its full-year audited results are released.

The group had projected to post a profit during its half-year update.

In a cautionary statement on Tuesday, company secretary Faith Musinga said: “Shareholders are advised the audited results for Ariston Holdings Limited for the year ended September 2011 are expected to show a loss against a projected profit at the half-year.

“This has been driven primarily by working capital constraints,” said Musinga.

Musinga urged shareholders to exercise caution when dealing with the company’s shares.

In unaudited financial results for the half-year ended March 26 2011 Ariston recorded revenues of $6,9 million and a loss before tax of $1,2 million and total assets of $21,2 million.

Revenue during the first six months had increased to $6,9 million from $4,1 million the previous comparable period, driven by increased volumes across several of the group’s businesses.

Under the tea and macadamia division, tea volumes had increased 109% over the same period in 2010, while tea sales volumes went up 98% on the previous comparable period.

Exports contributed 42% of total sales volumes and increased by 144% compared to prior year.
In March the board said cash constraints affected availability of produce, but with the assistance of the group’s major shareholder — Emvest — in the form of an import facility, produce supplies had increased.

Poultry volumes went up significantly compared to previous comparable period, but the performance was below expectation.

Recent Posts

Stories you will enjoy

Recommended reading