February 26, 2021 (MLN): Azgard Nine Limited has ceased to exercise control over the activities of Montebello S.R.L (MBL), previously a 100% owned subsidiary of the company, as a result of ongoing bankruptcy proceedings and management of the liquidation process of MBL by the Court appointed trustee.
In a notice issued to the PSX on Friday, the company said: “In view of the guidance in International Financial Reporting Standard 10 ‘Consolidated Financial Statements’, the management has concluded that the Company does not have power to direct the relevant activities of MBL”.
“Resultantly, effective from Financial Year ended June 30, 2018, the company has ceased recognizing and presenting MBL as its subsidiary. Therefore, financial statements for the half-year ended December 31, 2020 have not been consolidated with MBL”, it added.
Within the same notice, the company also announced the financial results for the half-year ended December 31, 2020, wherein it posted earnings of Rs. 303.2 million (EPS: 0.62), i.e. around 10% lower as compared to the earnings of same period last year.
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