Post by cjm on Jun 11, 2016 10:00:28 GMT
GUPTA-family owned Oakbay Resources released its results for the year to end-February after the market closed on Friday.
The results were audited by SizweNtsalubaGobodo who stepped in after KPMG resigned in March.
"The group experienced significantly difficult conditions in recent months as a result of adverse and intense media interest surrounding the company’s majority shareholder. These adverse conditions have resulted in the company experiencing a loss of professional service providers, most notably the group’s external auditors, sponsors and bankers," the result statement said.
The results showed a 66% jump in revenue to R274m for the year to end-February while its loss narrowed to R17m, nearly a quarter of the previous year’s R61m.
Oakbay said this was "primarily due to the positive earnings effect of coal contract mining activities undertaken during the year under review".
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The results were audited by SizweNtsalubaGobodo who stepped in after KPMG resigned in March.
"The group experienced significantly difficult conditions in recent months as a result of adverse and intense media interest surrounding the company’s majority shareholder. These adverse conditions have resulted in the company experiencing a loss of professional service providers, most notably the group’s external auditors, sponsors and bankers," the result statement said.
The results showed a 66% jump in revenue to R274m for the year to end-February while its loss narrowed to R17m, nearly a quarter of the previous year’s R61m.
Oakbay said this was "primarily due to the positive earnings effect of coal contract mining activities undertaken during the year under review".
...