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LOLC Group records Rs. 4 b 3Q profit, Rs. 45 b for 9 months
February, 16, 2021
LOLC Holdings PLC (LOLC) releasing its nine-month results has recorded a PAT (profit after tax) of Rs. 45 billion after adjusting for corporate tax on a PBT (profit before tax) of Rs. 48 billion.
The group recorded Rs.4 billion as profits for the third quarter, a healthy performance considering the COVID-19 pandemic situation negatively affecting the financial services and leisure sector directly and other sectors indirectly. The profit attributable to equity holders was Rs.3.42 billion up from Rs.1.46 billion a year ago.
The Group’s Financial Services Sector contributed Rs. 3.5 billion as profits, and these results were achieved allowing a strong level of risk mitigating provisions amounting to Rs. 23 billion (Rs. 10.3 billion in 2019) for bad and doubtful debts being made, over and above the regulated levels. Conservative provisioning was made considering the potential risks arising from the pand
February 13, 2021 Wanga Gwede- Nyasa Times 12 Comments
Lilongwe magistrate Shyreen Chirwa has refused to recuse herself from former CEO for Malawi Energy Regulatory Authority (MERA) Collins Magalasi criminal trial, she announced in court Friday.
Magalasi (L) and his lawyer
Magalasi is charged with abuse of office and fraud.
He is accused of abusing the authority of his office. He allegedly paid K10.5 million as accommodation for former ruling DPP officials at Kanjedza Lodge, Oasis Hotel and Heritage Serendib between July and August 2018.
Lawyer Andrew Kaonga representing Magalasi asked the presiding magistrate Chirwa to opt out of the case for alleged bias by among others, refusing the defence lawyer an adjournment on health grounds.
Former Malawi Regulatory Authority (Mera) CEO, Collins Magalasi, is today appearing before the Magistrate’s court in Lilongwe to answer two counts of abuse of office and fraud.
Magalasi is acussed of abusing authority of his office. He allegedly paid K10.5 million as accommodation for former ruling DPP officials at Kanjedza Lodge, Oasis Hotel and Heritage Serendib between July and August 2018.
When the court resumed sitting, Magalasi’s lawyer, Andrew Kaonga, requested for an adjournment saying he suspects that he is Covid-19 positive and needed to go for testing.
But senior Magistrate Shyreen Chirwa, has denied the request saying she is not satisfied with how the plea has been made. Magalasi is now expected to enter plea.
Joyous and thrilling adventures: Nizrana Farook talks about The Boy Who Met a Whale and The Girl Who Stole an Elephant
Nizrana Farook’s debut novel,
The Girl Who Stole an Elephant, has been thrilling readers young and old since its publication. The Waterstones Children’s Book of the Month for January 2020 was also shortlisted for the Joan Aiken Future Classics Prize.
Now Farook is back with her second adventure and we sat down to talk about both stories, her early fiction and the book she thinks would make a brilliant musical.
Can you tell us about your new book The Boy Who Met a Whale