The Nation Newspaper

Tag: loss

  • FastJet predicts bigger loss

    FastJet Plc, seeking to become the first discount airline with a network spanning sub-Saharan Africa, predicted a wider full-year loss and reined in expansion plans as an economic slowdown linked to falling commodity prices weighs on revenue.

    FastJet shares fell as much as 6.7 percent after the London-based carrier said there’d be a “material increase” in its full-year loss amid a weakening of the Tanzanian shilling and Zambian kwacha versus the U.S. dollar, in which it reports earnings, buys fuel and rents planes.

    Revenue per passenger is also falling in real terms as Tanzania cuts public spending ahead of October elections, FastJet said. The introduction of international routes from Zimbabwe and Zambia will be delayed to mid-November and early December, pushing revenue gains into 2016, it said.

    “African currencies have lost considerable value against the U.S. dollar, which, combined with a worldwide reduction in commodity prices, has caused an economic downturn in both Tanzania and Zambia,” Chief Executive Officer Ed Winter said in the release. The shilling has weakened 25 percent against the dollar this year and the kwacha by 72.4 percent.

    Winter added that he’s “confident” of meeting forecasts for 2016, when house broker Liberum Capital estimates the company will post a pretax profit of $10.7 million. Liberum now estimates 2015 losses at $31.1 million, compared with $19.5 million previously.

    FastJet shares fell as much as six pence to 84 pence and were trading 4.4 percent lower at 86 pence as of 10:45 a.m in London, paring gains this year to 23 percent and valuing the company – which began flying in November 2012 – at 57 million pounds ($87 million).

    Operating losses in the first half decreased by 26 percent to $12.8 million and passenger numbers surged 56 percent to almost 364,000 from a year earlier, even with the same three Airbus Group SE A319 jets. The fleet size has since increased to six planes, including the first owned example.

     

  • It’s irreparable loss — Gani Adams

    The death of Ooni of Ife,  Oba Okunade Sijuwade, Olubuse 11, has been described as a monumental and irreparable loss to the Oduduwa race.

    The National Coordinator of the Oodua Peoples Congress (OPC) and Convener of the Oodua Progressives Union (OPU), Otunba Gani Adams, made the remark, while reacting to the transition into eternal glory of  one of the foremost monarchs in Africa.

    Otunba Adams said: “The enigmatic and wondrous deity of the Yoruba in human form, Oonirisa Olubuse 11, has completed his mission as assigned to him by the owners of the world. He has gloriously relocated to the ancestral abode of his progenitors to feed them back after a   memorable peregrination odyssey on the face of earth and the   completion of his assigned role as the tenderer and protector of the ancestral stool of the Yoruba.

    “Ooni Olubuse has gone   to eternally dine and wine with his ancestors and to give the feedback to those who sent him to tender their stead. “

    Speaking further, Otunba Adams added, “The biggest elephant has transited to the vault. The  iroko tree has disappeared from the forest, not to be seen or heard again, except in dreams, trance and revelation of the corpus!  It is  sad, but not tragic  that he returned home at 85.

    “Ooni Olubuse was able, not only to sustain the royal majesty and reverence left behind by his predecessors, but  also    added  colour, panache and  cultivated tremendous respect to the stool of Ooni of Ife, the cradle of the world.”

  • Swiss central bank records 50b Swiss franc loss

    Swiss central bank records 50b Swiss franc loss

    The soaring value of the Swiss franc against the euro has led Switzerland’s central bank to report a first half loss of 50 billion francs (£33bn).

    The bank, which is owned by the Swiss Federal Government, said the loss could affect its ability to pay a dividend this year.

    Those dividends are traditionally used to pay for public services.

    Switzerland shocked markets in January when it abandoned its four-year currency peg to the euro.

    The move saw the Swiss franc skyrocket in value as investors piled into the currency over fears of a renewed eurozone debt crisis despite the imminent onset of quantitative easing by the European Central Bank (ECB).

    The continued strength of the Swiss franc is hurting exports from the country which are down 2.6% this year. The tourism industry has also reported fewer visitors and retailers are also struggling.

    The first-half loss was almost entirely – 47.2bn francs – the result of losses on foreign exchange positions, which occurred in the weeks that immediately follow the bank’s decision to remove the currency peg against the euro.

    Since ending the 1.20 francs per euro cap, the Swiss National Bank (SNB) has intervened in the currency market by buying euros to weaken the franc, which currently hovers at around 1.06 francs per euro.

    The bank, which also has several private shareholders, warned that its full-year results would rely heavily on developments in the gold, foreign exchange and broader financial markets.

    “Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result,” the central bank said in a statement.

    The SNB said euro-denominated assets made up 42 percent of its investment portfolio at the end of June, unchanged from the end of March, and 32 percnt was held in US dollars, also unchanged.

    Peter Hegglin, the head of Switzerland’s 26 canton finance directors, said he was “not going to assume” that the first half loss would mean the SNB would not be paying a full year dividend, suggesting the bank could still reverse its fortunes.

  • African Bank narrows six-month loss to R2.8b

    The lending unit of African Bank Investments Ltd., which failed in August, said losses for the six months ended March narrowed from a year earlier as efforts to re-establish a viable company continue.

    PWC’s Tom Winterboer, Abil’s new boss Tom Winterboer

    The bank recorded a loss of 2.79 billion rand ($230 million) compared with a restated loss of 5.9 billion rand in the previous period, the Johannesburg-based lender said in a statement Friday. The credit impairment charge improved to 5.4 billion rand from 8.5 billion rand.

    While impairments improved, they remain high, “principally due to the deterioration in the advances book that existed” before the bank collapsed, the lender said. “Losses will persist for the foreseeable future,” Tom Winterboer, the bank’s administrator, said in the statement.

    African Bank collapsed last year amid record losses and a lack of funding. The South African Reserve Bank stepped in to affect a rescue, appointing Winterboer to corral the lender’s remaining viable assets into a so-called good bank. That business is awaiting a fresh banking license and may be operational by the fourth quarter of this year.

    Cash and cash equivalents at the end of the first half rose to 8.4 billion rand from 6.6 billion rand in the previous period, the company said.

    The results are line with expectations, Winterboer said. “The restoration to profitability and subsequent achievement of acceptable investor returns in the ‘good bank’ will take time, effort and commitment,” he said.

    Holding company African Bank Investments reported results for its full year ended September on June 11.

     

     

  • Aigbogun rues Wolves’ loss

    Aigbogun rues Wolves’ loss

    Coach of NPFL side Warri Wolves Paul Aigbogun is counting the loss of his side after the team had to settle for a Third place finish at the Delta State FA Cup which effectively meant failure to qualify for the Nigerian Federation Cup.

    Aigbogun told www.footballlive.ng that the team obviously were disappointed at the outcome of the game that saw them held in one of the semi finals before losing out on penalties.

    Wolves are Nigeria’s only surviving representative in this year’s continental club competition and the coach is concerned for the fitness of his players after the very physical semi-final defeat.

    ”The game was a draw and it went into penalty shootouts, we lost .We would take a look at our players because it was a really physical game and we want to make sure they are fit for the task ahead” Aigbogun said.

  • Former Eaglets coach blames Amuneke for loss

    Former Eaglets coach blames Amuneke for loss

    Former Golden Eaglets coach Alphonsus Dike has blamed Nigeria’s U-17 semi-final defeat to their South African counterpart on contentment and complacency.

    Dike told www.footballlive.ng shortly after the match that the team got lost in the euphoria of having achieved the minimum expected target from them being a World Cup ticket.

    Dike explained that the World Cup ticket brought a feeling of satisfaction on the psychology of the team which ultimately led to them being complacent and hence the loss to South Africa.

    ” They were complacent, having qualified for the World Cup they probably felt that was the ultimate. I had always insisted it was the responsibility of the coach to make the players continue with the momentum from the group stage, obviously it was a psychological thing and their attitude towards the game cost them.”

    Nigeria conceded a 26th minute goal in Niamey and it proved to be enough for the Amajimbos to record an infamous win over the Eaglets in the first semi-final of the 2015 CAF U-17 Championship on Wednesday.

  • Osinbajo decries loss of 400, 000 barrels of crude oil per day

    • Laments rise in poverty, unemployment rates

    The vice presidential candidate of All Progressives Congress (APC), Prof. Yemi Osinbajo, said the daily loss of 400,000 barrels of crude oil to oil thieves and organised criminals was totally unacceptable.

    Osinbajo, who was the Attorney-General and Commissioner for Justice in Lagos under former Governor Bola Ahmed Tinubu, linked the ‘prevailing oil theft’ to the monumental rise in poverty rate.

    He expressed concern over the socio-economic crisis confronting Nigeria at the first annual lecture series to mark the 73rd anniversary of the General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye at the 10 Degree Event Centre, Oregun, Lagos.

    Osinbajo, who spoke on the theme, Harmonising Virtues to Gain Heaven and Earthly Prosperity, said the loss of 400,000 barrels of crude oil per day was unexplainable and unacceptable in a sovereign country.

    He said the oil theft simply “shows that there is no law and order in Nigeria. In orderly society, the daily loss of 400,000 barrels of crude oil will not be possible. It demands urgent action in order to save our country.”

    He added: The activities of oil thieves and economic saboteurs “have compounded poverty level in the country. According to the National Bureau of Statistics (NBS) data, more 112 million Nigerians are extremely poor.

    “Nigeria is the largest economy in Africa. Yet, more 60 per cent of our population are extremely poor. We are one of the 33 poorest country in the world. Currently, more than 80 per cent graduates are jobless.”

    Osinbajo also linked the oil theft trend to the country’s worsening social indices, citing the astronomic increase in the infant mortality, which he said, was put at 3.9 million between 2009 and 2014.

    He also expressed disappointment at the magnitude of corruption in the country, which he said, was disturbing and unbelievable, citing the subsidy petrol scam of over N2.6 trillion; the kerosene subsidy scam of $7 billion and the missing excess crude account fund put at one billion dollars.”

    He, therefore, said the country’s diverse challenges “present personal and communal obstacle to commonwealth, prosperity and happiness, which he said, God ordinarily expected human beings to create.”

    Osinbajo canvassed fairness, equality and justice for all his countrymen irrespective of tribe, religion and political persuasion which he said, should be upheld Nigeria would overcome her prevailing challenges and crisis.

    He urged Nigerians across the ethnic, political and religious divides to imbibe a culture of selfless service; by giving priority to education; embracing hard work, integrity, care for the downtrodden, love their enemies and humility, without which he said, growth and development would be a mirage.

  • AFTERMATH OF CAPITAL ONE CUP DEFEAT: Boro’s loss saddens Omeruo

    AFTERMATH OF CAPITAL ONE CUP DEFEAT: Boro’s loss saddens Omeruo

    Middlesbrough of England defender, Kenneth Josiah Omeruo wore a forlorn figure after his Championship side lost narrowly 13-14 to Liverpool in the Fifth Round of the Capital One Cup played on Tuesday at the Anfield Stadium.

    Boro had held the home team to a 2-2 draw after extra time before the marathon penalty shootout which saw 30 kicks taken and only three missed at the end of the game.

    Omeruo’s state of mind was revealed to SportingLife by his advisor, Chika Akujobi who disclosed that the Super Eagles defender couldn’t believe his eyes when it dawned on him that his hard fighting Boro side had been eliminated from the competition despite posting a performance good enough for the at least the next round.

    Akujobi revealed that Omeruo told him that all the players of Middlesbrough were a pitiable sight to behold at the end of the hostility and had to be consoled by the coaches and other officials even when they got to the changing room.

    “Omeruo told me that they were yet to recover from the loss and that they believed that they would win the game based on the effort they had put into the game only to lose under such circumstances.

    “He said they all wore very sad looks at the dressing room and even on the way to the hotel. He however disclosed that they must move on from the loss and concentrate on the Championship game they are having this weekend,” Akujobi told SportingLife.

  • Obi missing in Inter’s loss to Man Utd

    Joel Obi’s regular run in Inter Milan’s pre-season games came to a halt on Tuesday when he was left on the bench for the entire duration of his team’s 5-3 loss to Manchester United on penalties with scores deadlocked at 0-0 after extra time.

    Obi prior to the game has played in all of Inter’s pre-season games, posting impressive showings that drew praises from manager Walter Mazzari and made the club stall on a deal for Chilean midfielder Gary Medel.

    However, in Tuesday’s game youngster Rhene Krhin was preferred ahead of the Nigerian as opposed to other games new signing Yann M’Villa usually Obi’s pair in midfield was brought on in place of Krhin.

    It is still unknown if the 23-year-old picked up a knock or if he is carrying any injury  prior to the game but he was listed among the team’s substitute.

    The match ended 0-0 needing penalties to separate the teams and Darren Fletcher sealed the win for Manchester United after Inter Milan defender Marco Andreolli struck the crossbar with his effort.

  • Haruna confident despite Cup loss

    Dynamo Kiev midfielder Lukman Haruna is still confident ahead of the Ukrainian League campaign which kicks-off this weekend, despite losing in the Super Cup.

    League champions Shakhtar Donetsk beat Dynamo 2-0 on Tuesday in the Super Cup and Haruna, who came on as a second half substitute, tells the club site that he feels it is too soon to have concerns ahead of the new season.

    “We tried very hard and did everything possible to win the Super Cup, but unfortunately lost. However, this is only the beginning of the season, I believe that this year we will win the championship,” he said.

    It’s been five years since Kiev won the League title.