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A proposal by the JSE allowing listed companies to publish their earning statement in summarised, shortened format will affect the transparency and reputation of the bourse, according to a report published this morning.
The Business Day reported that advertising revenue at media companies such as the Business Day and the Financial Mail and other print publications which publish statements, was expected to come under pressure when the change come to effect in January.
The JSE’s director of issuer services, John Burke, told The Business Day in May that the changes had been under consideration for the past 12 years, meaning media companies had enough time to change their business model.
The short form announcement prescribed disclosure only on revenue and operating profit, headline earnings per share, earnings per share, dividend distribution and net asset value.