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Financial statement for Vertika Programming won't be prepared Vertika says

Financial statement for Vertika Programming won't be prepared Vertika says

ArabFinance: Vertika (VERT) said the consolidated budget for Q1 of 2018 will not be calculated because of the activity of its subsidiary, Vertika Programming, was suspended on October 31, 2017.

The Company added in a statement sent to Egyptian Stock Exchange (EGX), its subsidiary has not operated since the aforementioned date due to incurring losses based on not achieving any revenues from 2012 until 2017. 

Vertika owns 98% of Vertika Programming's issued and paid capital that amounts to LE125 thousand, noting Vertika capital is amounting to LE2.353 million. 

Vertika Programming income resources are supplying manufacturing machines and program sales. 

It is worth to mention, Vertika has posted net profits ending December 31, 2017, of LE227.6 thousand and the financial results for the first quarter of the fiscal year 2018 is underway. 

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