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EFSA allows extra month for companies results

Companies now have until the end of April to publish their 2010 earnings, as financial watchdog says delay has nothing to do with political events

Reuters, Wednesday 27 Apr 2011
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Egypt's financial market regulator EFSA said on Wednesday it had decided to give companies an extra month to submit their year-end 2010 and first-quarter 2011 results.

"The board has decided to extend by one month the deadline for listed companies to declare results for the period ending Dec. 31, 2010, and March 31, 2011," EFSA said in a statement.

Mahmoud Abdelkader, a spokesman for EFSA, said companies now had until the end of April to publish their 2010 earnings.

Egypt's stock market closed for more than seven weeks as a popular uprising sent shockwaves through the economy and sparked corruption probes targeting some of its biggest companies.

"This delay to results was requested by companies so that they have more time to prepare their documents. It has nothing to do with political events," said Abdelkader.

EFSA said all companies listed on the smaller Nilex exchange must publish their financial statements from June 30 last year.

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