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starcomms plc (STARCOMM) Details

Starcomms Plc operates as a telecommunications service company that provides triple-play telecommunications products in Nigeria. The company operates in two segments: Voice and Data. The Voice segment offers mobile and fixed wireless voice services, including prepaid and postpaid services; call management services; and business solutions comprising call conferencing, VPN, and bulk SMS solutions. The Data segment provides mobile and fixed broadband and Internet services, such as IZAP EVDO broadband, 1X Internet, and IZAP Plus services. The company also offers other value added telecommunications services. Starcomms Plc provides its products and services in 38 cities and 182 towns to approximately 3.2 million individual and corporate customers. Starcomms Plc was founded in 1989 and is headquartered in Lagos, Nigeria.

622 Employees
Last Reported Date: 11/29/12
Founded in 1989

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starcomms plc (STARCOMM) Key Developments

Nigerian Stock Exchange To Delist Starcomms Plc

The Nigerian Stock Exchange (NSE) has announced that it will delist Starcomms Plc from its daily official in November 2014. The Nigerian bourse said that some of the companies listed on the Exchange do not adhere to post listing rule. According to the NSE, on June 23, 2014, it published a notice of its intention to delist 24 listed companies from the Daily Official List (DOL) arising from their non-compliance with provisions of the Listings Rules of the exchange and pursuant to Clause 15 of the General Undertaking. The NSE said the notice provided a three-month window for each of the affected listed companies to regularize its listing status with the Nigerian bourse. The NSE affirmed that the company has failed to take any/or appropriate steps to regularize their listing status. It pledged that it would proceed with the delisting process for the company after one month of this notice unless they take appropriate steps to effect compliance with their post listing obligations. The Exchange further affirmed that it will continue to engage the company that has taken steps towards regularizing its listing status with a view to bringing them into compliance with their post listing obligations.

Starcomms Plc Announces Consolidated Unaudited Earnings Results for Six Months Ended June 30, 2013; Provides Earnings Guidance for Full Year 2013

Starcomms Plc announced consolidated unaudited earnings results for six months ended June 30, 2013. For the period, the company reported revenues of $3,498,000, operating profit of $609,000, profit attributable to owners of the company of $86,000, net cash used in operating activities of $1,796,000 and purchases of property and equipment of $44,000 compared to the revenues of $3,414,000, operating profit of $1,009,000, profit attributable to owners of the company of $917,000, net cash used in operating activities of $769,000 and purchases of property and equipment of $11,000 for the same period a year ago. Loss before deferred income tax was $89,000 against profit before deferred income tax of $868,000 a year ago. Purchase of intangible assets was $236,000 against $314,000 a year ago. Adjusted net profit was $646,000 before exceptional one off items against $919,000 for the six months ended 30 June 2012. The company announced that revenues and profits are expected to flow in the second half of 2013, though at a slower rate than original expectations. While the revenues and profits for 2013 are likely to be below market expectations, the company expects that the full years' results will show a good improvement over those achieved in 2012.

Starcomms Plc Auditor Raises 'Going Concern' Doubt

Starcomms Plc filed its Annual on Nov 29, 2012 for the period ending Dec 31, 2011. In this report its auditor, KPMG LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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