In accordance with the Lusaka Securities Exchange Limited (“LuSE”) Listings Requirements, the Board of Directors of the Copperbelt Energy Corporation Plc (“CEC” or “the Company”) advises the shareholders of CEC that for the twelve months ended 31st December 2019, the basic earnings per share is expected to be 78% lower than those for the twelve months ended 31st December 2018.
The movement in earnings is primarily attributed to the provision of impairment loss on trade receivables in compliance with IFRS 9. Compared to 2018, the impairment provision in 2019 was higher because of payment default by the Company’s largest customer, Konkola Copper Mines Plc.
Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company.
The Company expects its results for the 12 months ended 31st December 2019 to be released on SENS and published in the local media on or about 28 May 2020. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.
By order of the Board
Julia C Z Chaila (Mrs)
Issued in Lusaka, Zambia on Wednesday, 27th May 2020
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First Issued on 27th May 2020