Nairobi Securities Exchange listed firm Kurwitu Ventures has released a profit warning projecting to record losses for the financial full year ended December 2015.
Kurwitu has said that it will make a loss of Sh. 7 million, representing a drop of more than 25 per cent from the loss recorded in the 2014 financial period. “We hereby issue a profit warning due to the likelihood that our earnings for the year ended December 2015 will be more than 25 per cent lower than for the same period in 2014,” Kurwitu Ventures said in a statement.
In the 2014 full year, Kurwitu had posted a loss of Sh. 5.68 million and zero revenue returns in this period.
Alarmingly, Kurwitu has not disclosed whether it made any investments in the 2015 financial year. As at June 2015, Kurwitu’s assets were recorded as a piece of land in Lamu worth Sh102 million, a motor vehicle worth Sh3 million, office furniture and computers!
Kurwitu has remained the most unattractive on the local bourse, trading at Sh. 1,500 with barely any trades over the past one year! It continues to be a foggy company whose operations investors hardly know anything about.