R.T. Briscoe has informed its shareholders and the the general public that delay the filing of its audited financial statements of the company for the year ended 31st December, 2016.
The company said “Our external Auditors, KPMG Professional Services, who are currently auditing the financial statements have confirmed that there might be an “Emphasis of Matter” in the Audit Opinion which would require that the financial statements be initially referred to the Financial Reporting Council of Nigeria for review before it is filed with the Nigerian Stock Exchange and announced to the Public.
The statement concluded that “Though the review period at the Financial Reporting Council is beyond our control and uncertain, we do not expect it to go beyond April 28, 2017 for which we have received an extension by the Nigerian Stock Exchange for the submission of the Financial Statements”.
In its third quarter 2016 result, the company recorded a net loss of NGN4.8 billion for the full year 2015. Its liabilities have also exceeded its assets by NGN0.3 billion.
The full year result will determine the future of R.T. Briscoe as we know it.