The National Investment Trust Limited (NITL) plc has projected a 75 percent drop in profit for the six months-period ending June 30 2020.
This is according to a cautionary statement the firm issued on Friday.
The announcement is in line with the Malawi Stock Exchange (MSE) requirement that a listed company should publish a trading statement as soon as there is a reasonable degree of certainty that the financial results for the period to be reported will differ by 20 percent from that of the corresponding period.
“The profit after tax for the six months ending 30 June 2020 is expected to be lower than the previous corresponding period ended 30 June 2019 by about 75 percent,” reads part of the statement.
The information used to derive the expected performance to 30 June 2020 is based on share prices and dividends declared by the investee companies as at 25 June this year.
In 2019, the firm registered a profit after tax of K627 million, down from K1.4 billion realised in the preceding year.
The drop in profit last year was attributed to share price losses in most of its investee companies.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
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