Flour Mills PLC Further Delays Its Q1 2016 Result

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Flour Mills PLC, a composite manufacturer of foods and flour-based products has hinted the Nigerian Stock Exchange, NSE that it will further delay the release of its Q1 2016 financial result.

In a statement made available to the NSE, Flour Mills said, KPMG Professional Services, its external auditors had raised questions on its previous financial results. Apparently, KPMG was not the auditing firm who prepared the result in question.

The company said it missed the June 31st, 2016 deadline because, the last minute delay could not be prevented as KPMG requested for further disclosures regarding the report. Flour Mills said the required disclosure was related to the merger of its other subsidiaries into FMN PLC. However, the company did not however disclose what in particular could be the required disclosure.

The company is promising to release its result on or before the 14th of July, 2016. Flour Mills’ stock currently trades at NGN21.90 per share. The stock has fallen by 30% in the last one year.

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