Monday, June 1, 2020

Turnstar Holdings blames financials delays on Covid 19

Botswana Stock Exchange quoted property outfit – Turnstar Holdings has said that it will miss the deadline date for publishing its Audited Financial Statements for the year ended 31st January 2020.

In a statement issued to the capital markets on Wednesday, Turnstar said that the Audited Financial Statements which are due to be published by the 30th April 2020 will be delayed due to ongoing national lockdown. 

In response to newly registered cases of the global coronavirus pandemic in Botswana by late March 2020, President Mokgweetsi Masisi, declared a state of emergency also placing the country on lockdown for 28 days from April 2. 

Movement of citizens away from their home has since been restricted to those performing essential services and transporting essential goods and are issued government travel permits.

“Due to the Government imposed lockdown, effective 3rd April – 30th April 2020, to curb the spread of the COVID-19 virus, our auditors have been unable to complete the annual audit. The audit was ongoing when the lockdown came into effect”, reads part of the Turnstar statement.

The statement further stated that the Group’s Audited Annual Financial Statements for the year ended 31 January 2020, will be published on or before the 31 May 2020. 

In late 2019 the group reported that it had recorded revenue of P134 million for the half year period – 31 July 20189. This translated in to an increase of 6.57 percent over the corresponding prior half year. Still during that period, the group’s expenses increased by 6.18 percent to P58.3 million. 

Turnstar’s property portfolio include amongst other Game City shopping Centre in the capital Gaborone, Nzano Shopping Centre, in Francistown, Fairgrounds Office Park, Mogoditshane, Supa Save Mall, Turnstar House, Main Mall, offices in Commerce Park, Mogoditshane Flats, Hyundai Warehouse, Tapologo Estates, as well as Mlimani city in Tanzania. 

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