Computer Warehouse Group released a new set of 2014 FY results showing earnings per share for the year was 5 kobo and not 2 kobo as contained in a report released earlier in the month. They did not provide any reason for the change and neither did NSE issue any press release explaining why the change happened.
Looking closer at the new result, one observes the major changes can be seen under taxation as CWG now published a tax credit of N62.3million in place of a tax expense of N4.8m carried in the earlier released result. This has now taken profit after tax to N120million from N52million, a 150% increase.
We also noticed some balance sheet items changed such as trade receivables, working capital, total current assets, net cash flow from investing amongst others.
As mentioned, CWG did not issue any press release stating why the result was changed. We hope SEC is watching.
